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JPMorgan Chase to pay $1bn for China fund expansion - reports

The bank has agreed to buy Shanghai International Trust's 49% stake in China International Fund Management
The bank has agreed to buy Shanghai International Trust's 49% stake in China International Fund Management
  • Mike Sheen
  • Mike Sheen
  • 26 August 2020
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JPMorgan Chase will need to pay at least $1bn to proceed with the buyout of the remaining share of its Chinese mutual fund business, according to a Shanghai United Assets and Equity Exchange statement yesterday.

The bank has agreed to buy its business partner in the country Shanghai International Trust's 49% stake in China International Fund Management at a price representing a 150bn yuan, according to Bloomberg.

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JPMorgan said in April it would gain full control of the Chinese mutual fund business, but did not reference the price it would pay.

The US bank is one of a number of global firms hoping to capitalise on China's $45trn financial market and the $13trn of investable assets represented by the country's households.

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