JPMorgan mulls onshore wealth business in China

Banks execs earlier unveiled a plan to ramp up hiring in the country.

Bloomberg reported that JPMorgan is considering launching a private bank in China after the country eased regulations on foreign firms that will help them to compete with local players racing to tap on the country’s ultra-wealthy

The bank is working on a ‘feasibility study’ on China’s onshore wealth business as part of its expansion plans in the country, Kam Shing Kwang, CEO of JPMorgan’s private banking business in Asia, told Bloomberg.

Also read: Morgan Stanley beefs up Asian wealth team

JP Morgan has also sought permission to run a majority-owned securities joint venture in China after the government’s policy to ditch foreign ownership limits in its banks and bad-debt managers.

In September, the New York-based bank revealed that they eye to go on a hiring spree in China’s banking, asset management, custodian services and markets.

Here’s more from Bloomberg.