JPMorgan Chase & Co. (JPM.NYSE) may be terminating plans to manage the sale of China Everbright Bank’s (601818.SHA) Hong Kong shares due to the ongoing US investigation into JPMorgan’s hiring practices, Bloomberg reported, citing unamed sources. JPMorgan told Everbright it would quit the deal, which at US$2 billion would be the largest first-time offering by a Chinese lender in Hong Kong since 2009, because the probe delayed an internal approval process, said sources familiar with the deal. US authorities are examining whether the New York bank violated anti-bribery laws by hiring the family members of well-connected politicians and clients in China in exchange for new business.
Categories