JPMorgan to Buy $410 Million Stake in Chinese Bank’s Wealth Business | The Wall Street Journal

JPMorgan to Buy $410 Million Stake in Chinese Bank's Wealth Business

The U.S. bank's asset-management arm plans to take a 10% stake in the wealth subsidiary of China Merchants Bank, marking the first time a Chinese bank has opened up its wealth-management subsidiary to a foreign strategic investor.

JPMorgan Chase & Co. agreed to pay $410 million for a stake in a leading Chinese wealth-management business, as the U.S. financial industry continues to make inroads in China. The U.S. banking giant's asset-management arm plans to take a 10% stake in the wealth subsidiary of China Merchants Bank . The deal, which is pending regulatory approval, marks the first time a Chinese bank has opened up its wealth-management subsidiary to a foreign strategic investor.

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