JP Morgan dips its toes in the $50 trillion Chinese financial sector
JP
Morgan started the week by setting records for himself. One of the largest
American banks just closed a deal with Shanghai Waigaoqiao FTZ.
The bank paid $26.6 million to buy a 20% stake in the Chinese
company, as documents from Shanghai United Assets and Equity Exchange revealed.
Following the deal, JP is now close to the company's full ownership, its stake being
at 71% in the Chinese securities venture.
The deal – initially announced in September – allows JP to become the
first overseas bank to hold the largest stake in a securities joint venture in
China. On top of that, the American bank is considering hiring 12 equity
research analysts.
After the news, JP Morgan stock price went up 1.18%.
Sources: reuters.com, finance.yahoo.com
This information prepared by ClickTrades.com is not an offer or a solicitation for the purpose of purchase or sale of any financial products referred to herein or to enter into any legal relations, nor an advice or a recommendation with respect to such financial products.
This information is prepared for general circulation. It does not have regard to the specific investment objectives, financial situation or the particular needs of any recipient.
You should independently evaluate each financial product and consider the suitability of such a financial product, by taking into account your specific investment objectives, financial situation or particular needs, and by consulting an independent financial adviser as needed, before dealing in any financial products mentioned in this document.
This information may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Company’s prior written consent.
Past performance is not always indicative of likely or future performance. Any views or opinions presented are solely those of the author and do not necessarily represent those of ClickTrades.com.
Previous Article
Breaking news: Ant Group’s IPO suspended
Next Article
Mixed quarterly earnings for Hugo Boss
