American Investment Bank, JP Morgan Chase has appointed Mark Leung as the new chief executive officer for its China’s business. As per banks statement, it is also seeking to create a securities company in China and plans to take a majority stake in its local fund management.
Mark Leung who has been serving the bank for past 21 years will manage onshore and offshore activities in the country. The veteran began his career in rates derivatives trading and has previously held roles in credit hybrids and equity derivatives.
The new appointment will happen after Zili Shao stepped down to become the bank’s vice chairman in April 2014.
CEO Jamie Dimon said,
Our investment in China is a commitment to bring the full force of JPMorgan Chase and our resources to the country. We will hire people, lend to businesses, support the development of markets and strengthen communities through philanthropic initiatives.
Moreover, the New York-based bank informed that it had submitted an application to the Chinese securities regulator for setting up a new onshore securities business where it would own a 51 percent stake.
Additionally, the bank is also keen on doubling its research coverage of China listed companies across all sectors. Meanwhile, the bank’s asset unit is working on increasing its current joint venture stake to a majority interest subject to an agreement with its joint venture partner and the relevant authorities.
The submission of the application to the regulator will mark JP Morgan’s return to Chinese securities after 2016 when it had sold its 33% stakes in a similar venture to a local partner.