Dow Jones HONG KONG J.P. Morgan Chase & Co. is selling its Jardine Fleming Bank to Standard Bank of South Africa for more than $120 million in an effort to eliminate service duplication in the wake of the merger last year of J.P. Morgan & Co. and Chase Manhattan Corp.
The deal awaits regulatory approval and is expected to be completed by the end of July.
The deal would bring Standards Hong Kong staff to about 100; the Jardine Fleming unit would become part of the investment and private banking business of the $38 billion-asset bank.
Fleming Bank, established in 1970 as the banking arm of the Jardine Fleming Group, has total assets of $1.8 billion. It has a Treasury operation, and trades in Hong Kong currency and money markets.