US banking giant J.P. Morgan has selected its custodians of choice for the Hong Kong and Taiwan markets.
J.P. Morgan has selected HSBC and Standard Chartered to operate its custody business in Hong Kong and Taiwan, according to a report by securities services magazine «Global Custodian». A spokesperson for the US lender confirmed the move.
According to a previous «Reuters» report citing unnamed sources, J.P. Morgan had first considered outsourcing its custody operation in the two markets in December 2023 and withdrawing itself due to higher cost-income ratios amid a decline in assets. The business was estimated at the time to have around $520 billion in assets.
