JP Morgan Chase opens new securities business in China, appoints Mark Leung as CEO
Following a regulatory change in China, JP Morgan Chase has applied for a new onshore business and appointed a new China CEO.
The company sent an application to the Chinese securities regulator to set up a new onshore securities business which it would have a 51% stake in.
This follows a regulatory change in China enabling foreign companies to invest in joint securities ventures up to a maximum of 51%. Previously, non-Chinese companied would only be allowed to take a 49% stake with the rest being Chinese-owned, so it would have been impossible for a US company like JP Morgan Chase to own a majority stake in a security.
In addition, Mark Leung has been appointed as chief executive of the company’s China business. Boasting 21 years of service at the bank, Leung will manage onshore and offshore trading in China. He was previously global co-head for equities and has also worked in emerging markets, credit hybrids and equity derivatives.
In an email statement, JP Morgan Chase CEO Jamie Dimon said: “Our investment in China is a commitment to bringing the full force of JP Morgan Chase and our resources into the country. We will hire people, lend to businesses, support the development or markets and strengthen communities through philanthropic initiatives.”