JPMorgan Cazenove is the latest bank to expand its Asian corporate finance presence.
London newspaper The Times reports that the bank, a joint venture between Cazenove and JPMorgan, is planning to recruit more than 100 staff in order to tap Chinese companies’ growing demand for investment banking services.
It reports that the bank intends to open an office Shanghai, initially staffed by six people, and to add to its bases in Singapore, Bejing and Hong Kong. The bulk of new hires will be made in the Hong Kong office, and will double JPMorgan Cazenove’s existing presence in the region.
The expansion comes as banks compete for a presence in the Chinese market. Macquarie Bank recently hired two senior corporate financiers for its Chinese operation.