US bank seals full control | Shanghai Daily

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November 20, 2009

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US bank seals full control

UNITED States bank JPMorgan Chase & Co said yesterday it has bought full control of JPMorgan Cazenove in a 1 billion pound (US$1.67 billion) deal with its joint venture partner, Cazenove Group Ltd.

JPMorgan Cazenove, established five years ago, will continue to operate under that name, with David Mayhew remaining as chairman.

CEO Naguib Kheraj will stay on to oversee the integration, JPMorgan said.

"For all corporate clients our business will remain fundamentally unchanged: same people, same client approach, and same brand," Kheraj said. "In institutional equities, the combination of the businesses will enable us to improve and broaden our service to clients."



 

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