BEIJING, Jan 5 (Bloomberg): JPMorgan Chase & Co. is seeking to establish another Chinese joint venture in wealth management as the nation’s financial opening has spurred a rush by global banks to capture a piece of a market that is estimated to grow to as much as US$30 trillion in 2023.
The US bank is in preliminary talks with China Merchants Bank Co to set up an entity, expanding on a strategic partnership on products in 2019, said people familiar with the discussions, who asked not to be identified as the matter is private. While the two parties haven’t yet hammered out ownership details, JPMorgan is unlikely to have control, said the people.