U.S.-based JPMorgan Chase & Co. lodged an application with the China Securities Regulatory Commission to take a 100% ownership stake in its futures joint venture in China, Financial Times reported Jan. 9, citing people familiar with the matter.

The U.S. bank currently holds a 49% stake in Guangdong, China-based JPMorgan Futures. The move is part of the U.S. bank's plan to increase investments in its Chinese businesses and eventually take full ownership of its joint ventures in the country.

The bank declined to comment, FT added.

UBS Group AG is currently the only foreign bank to have a wholly owned futures unit in China, the publication reported.

JP Morgan in December 2019 secured approval to start a majority-owned securities venture in China. The move came after China relaxed ownership rules by allowing foreign banks to simultaneously set up wholly owned subsidiaries and branches in the country.