JPMorgan to pay $410M for a minority stake in Chinese wealth management firm

March 26, 2021

JPMorgan pays 410 mln for 10%

JPMorgan Chase has agreed to pay $410M for a 10% stake in the wealth subsidiary of China Merchants Bank, marking the first time a Chinese bank has opened its wealth management subsidiary to a foreign strategic investor.

The transaction is pending regulatory approval.

U.S. investment banks have been striving to gain share in the growing market as China opens its financial services sector to foreign investors. In June 2020, China approved JPM's application to operate a futures business that the U.S. bank fully owns, and in April of that year, JPM received the green light to take full control of its mutual fund joint venture in the country.

The JPMorgan deal builds on the U.S. bank's existing partnership with China Merchants Bank. In 2019, the two companies said they would collaborate on product development and investor education.

"The investment would deepen the cooperation between the bank and the strategic investor and is good for CMB Wealth Management to enhance its internal governance," China Merchants Bank said in the filing.

In December, JPMorgan rival Goldman Sachs applied to take full control of securities joint venture in China, and in that same month, Deutsche Bank received a fund custody license in China.

Over the current book year the company from New York City's total revenue could be around 117.04 billion USD (consensus estimates). This is slightly lower than 2020's revenue of 119.54 billion USD.

Historical revenues and results JP Morgan Chase plus estimates 2020

The analysts expect for 2021 a net profit of 32.43 billion USD. Most of the analysts anticipate on a profit per share of 10.77 USD. The price/earnings-ratio therefore equals 14.16.

Analysts expect a dividend of 3.7 USD per share. The dividend yield is then 2.43 percent.

JP Morgan Chase 's market capitalization is based on the number of outstanding shares around 470.47 billion USD. The JP Morgan Chase stock was the past 12 months quite unstable. Since last March the stock is even 61 percent higher. This year the stock price moved between 82 and 162 dollar.

Historical stock prices JP Morgan Chase from 2007 till 2021

Click here for dividend JP Morgan Chase. On Thursday the stock closed at 152.55 USD.

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