Clifford Chance

Clifford Chance advises J.P. Morgan on strategic partnership with Postal Savings Bank of China

Leading international law firm Clifford Chance has advised JPMorgan Chase & Co. (J.P. Morgan) on its strategic investment in Postal Savings Bank of China (PSBC), the largest unlisted bank and sixth largest commercial bank in China in terms of assets. The firm also advised J.P. Morgan on its strategic cooperation agreement with PSBC. J.P. Morgan, together with a number of other international and domestic investors, invested approximately US$7 billion into PSBC, which is the largest-ever equity investment in a non-listed financial institution in China.

Partners Neeraj Budhwani and Terence Foo co-led the corporate aspects of the deal and were supported by counsel Hong Zhang, and senior associates Rachael O'Donnell and Yufei Liao. Partners Mark Shipman and TieCheng Yang provided support on the financial regulatory aspects.

Neeraj said, "We were delighted to assist J.P. Morgan on this strategic investment in China. ‎It was a great example of how we were able to pull together an excellent multi discipline and cross jurisdiction team for our client, providing a deep understanding of corporate expertise and regulations."

Terence added, "This deal highlights the confidence of investors in the potential of China's banking and wealth management sector in view of ongoing financial markets reforms."

PSBC is the largest bank in China by number of customers and distribution network.