JPMorgan Chase plans to expand onshore business capabilities

JPMorgan Chase is planning to further grow its onshore business capabilities in China to cash in on the country's plan to widen foreign access in the financial sector.

The Corporate & Investment Bank of JPMorgan Chase has submitted an application to China's securities regulator, seeking to establish a new, fully integrated securities company in which it would hold a 51 percent stake, increasing to 100 percent as allowed by regulations over the next few years, the company said on Monday.

The bank's asset & wealth management business is also pursuing its desire and intent to increase its current joint venture stake in China International Fund Management Co Ltd to a majority interest, subject to agreement with its joint venture partner and the relevant authorities.