,HONG KONG, March 19 - China Merchants Bank Co Ltdsaid on Friday its wealth management unitis expected to receive investment of 2.7 billion yuan ($414.80million) from JPMorgan Asset Management (Asia Pacific) Limited. JPMorgan would take a 10 percent stake in CMB WealthManagement as a strategic investor while the Shenzhen-basedlender will retain a 90 percent stake, it said in a filing withthe Shanghai stock exchange. "The investment would deepen the cooperation between thebank and the strategic investor and is good for CMB WealthManagement to enhance its internal governance," China MerchantsBank said in the filing. Global financial firms are rushing to expand their footprintin China where the government fully opened up its giantfinancial sector to foreign companies last year. Schrodersreceived permission last month to form a majority-owned wealthmanagement venture with a unit of Bank of Communications(BOCOM), the country's fifth biggest lender. REUTERS
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