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JPMorgan plans to take full ownership of Chinese joint ventures

JPMorgan Chase & Co. intends to increase its investments in the business of securities, asset management, and futures and options in China and eventually take full ownership of its joint ventures in the country, China Daily reported, citing Mark Leung, CEO of JPMorgan Chase Bank (China) Co. Ltd.

China's new regulations allow foreign companies to take full ownership of joint ventures. The U.S. bank has already completed all necessary paperwork for its securities joint venture in China of which it owns a 51% majority stake. The China Securities Regulatory Commission's permission to launch the business remains pending.

JPMorgan is also interested in getting licenses for securities financing and derivatives trading in China as new regulations open the derivatives market to foreign companies and foreign investors, the report stated.

In addition to the joint ventures takeover, JP Morgan Asset Management entered into a strategic partnership with China Merchants Bank Co. Ltd. in December and will act as a preferred product provider to the bank's asset management subsidiary.

JP Morgan Asset Management aims to become the first foreign asset manager to hold a majority stake in a Chinese mutual fund company after winning the bid for a 2% stake in its mutual fund joint venture, China International Fund Management Co. Ltd.