JPMorgan has plans to invest about RMB 2.7 billion ($409.7 million) in China Merchants Bank’s wholly owned wealth management subsidiary, according to an exchange filing the bank published Friday, reported Caixin.
After the investment, JPMorgan will hold a 10% stake in CMB Wealth Management, while the Shanghai- and Hong Kong-listed bank will retain 90%. The deal is subject to approval by the China Banking and Insurance Regulatory Commission, the filing said.