JPMorgan Chase & Co. announced its intention to establish full control over the joint venture, which was created in 2005 between JPMorgan Chase , one of the world's largest financial institutions, and Cazenove Group , the largest British banking institution, reports Wall Street Journal . The joint activities of the two firms have included investment banking and brokerage customer service for several years.
Since the beginning of the organizational rapprochement between the two companies, rumors about an imminent deal have repeatedly appeared in the press, and the possible amount that will have to be spent has been discussed JPMorgan Chase . The real amount of the transaction was 1.7 billion US dollars.
The main consequence of the merger, apart from the profit received by the shareholders Cazenove Group, will be the pooling of cash flows of European and American branches JP Morgan Cazenove , under such a single name, centrally controlled parts of the financial organization will now operate.