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.
