JPMorgan Chase CEO Jamie Dimon, who in December agreed to exit a minority-owned Chinese investment-banking joint venture, said the U.S. bank is seeking to find a new structure that would eventually give it full control.
“My longer-term dream is that we have, we own, 100 percent of something,” Dimon, 61, said Monday in an interview with Bloomberg Television’s Stephen Engle in Beijing. The CEO said he’ll be patient in negotiations with Chinese regulators. The process “is complicated, so we respect that and we tell them what we’d like and hope it’ll happen.”
Bloomberg News reports that JPMorgan moved to sell its stake in JPMorgan First Capital Securities late last year after six years in the venture. Its partner, First Capital Securities Co., was to buy out JPMorgan from its one-third stake for 307 million yuan ($44 million at the time), the Chinese firm said in December.
Since UBS Group AG and Goldman Sachs Group Inc. established Chinese joint ventures more than a decade ago, foreign banks have struggled to challenge local players. One competitive disadvantage is that Chinese rules limit them to minority stakes, reducing their sway over key decisions.
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