Deals
JPMorgan Seeks Full Control of Its China Futures Joint Venture
- U.S. bank plans to boost stake from current 49% to 100%
- China allows full foreign control of futures firms on Jan.1
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JPMorgan Chase & Co. is seeking 100% ownership of its futures joint venture in China, according to a person with knowledge of the matter, making it the first global bank to take advantage of the opening of the nation’s futures market, where transactions topped $30 trillion last year.
The U.S. bank plans to raise its current 49% stake in J.P.Morgan Futures Co., said the person, asking not to be identified because the matter is private. The onshore venture has applied for a major shareholding change involving more than a 5% stake, according to a Dec. 25 filing to the China Securities Regulatory Commission, which didn’t give additional details.