No fast buck for global banks moving into China

New entrants must not think a majority stake in a joint venture will pay immediate dividends

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

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