By Jing Yang
JPMorgan Chase & Co.’s asset-management arm agreed to buy a 10% stake in China Merchants Bank’s wealth-management unit for 2.67 billion yuan, the equivalent of $410 million, a stock-exchange filing showed Friday, as the U.S. bank makes further inroads in China.
J.P. Morgan Asset Management is also seeking full ownership of its fund-management joint venture in China. The bank reached an agreement with its local partner last year to purchase the 51% stake that it didn’t already own.
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(END) Dow Jones Newswires
March 19, 2021 07:00 ET (11:00 GMT)
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