When Beijing signalled a relaxation of the country’s strict rules on foreign ownership of financial firms, global investment banks’ ears pricked up.
The rule change, introduced earlier this year, allows offshore entities to own a majority stake in joint-venture money managers. JP Morgan, Nomura and Societe Generale have applied to set up joint ventures, each seeking the maximum allowed 51% ownership. UBS is also hoping to raise its existing stake in a local securities firm.
For JP Morgan, the