New York-based J.P. Morgan is reportedly outsourcing its local custody business in Hong Kong and Taiwan.
Citigroup, HSBC and Standard Chartered are in the race to win J.P. Morgan’s local custody business in Hong Kong and Taiwan, which has around $520 billion in assets, according to a «Reuters» report citing unnamed sources.
Financial details of the deal were not known but J.P. Morgan is aiming to complete the transition to another bank by the end of 2024. The US bank will continue to provide global custody services in the two markets.
J.P. Morgan has been exiting local custodian businesses in various markets in recent years including Australia and South Korea.
