JP Morgan Chase has said that it will sell Fleming Offshore Banking, one of its private banking units, to Nedcor, the South African banking group, for around £51m (€81.8m).
JP Morgan Chase has been looking to sell the unit ever since Chase acquired UK investment bank Robert Fleming Holdings last August, according to a source at the bank. The JP Morgan merger with Chase was completed at the end of last year. "Chase doesn't have a retail strategy outside the US and Fleming Offshore is mostly retail," the source said.
