JPMorgan, Standard Chartered Secure Approval to Grow Presence in China

JPMorgan and Standard Chartered won Chinese regulatory approval on Thursday to expand operations in China as it encourages expansion by foreign companies after lifting its restrictive COVID-19 policies.

JPMorgan's asset management arm will be allowed to take full ownership of China International Fund Management Co. (CIFM), in which it holds a 49% stake, the China Securities Regulatory Commission (CSRC) said.

The approval came more than two years after the U.S. bank had applied to buy out CIFM, in 2020.

JPMorgan Asset Management (JPMAM) said that CIFM, which overseas client assets of roughly 170 billion yuan ($25.10 billion), would be integrated into its global operating model.

"Our strategic goal is to significantly grow JPMAM China to become the leading foreign asset manager in China and contribute to JPMAM becoming the leading manager of China assets to global investors," Dan Watkins, its Asia Pacific chief executive officer, said in a statement.

Also on Thursday, British bank Standard Chartered won an approval to set up a new securities brokerage unit in China, the CSRC said.

(Source: Reuters)