China Everbright Bank’s (601818.SS) decision to hire JPMorgan Chase & Co (JPM.N) to underwrite its initial public offering in Hong Kong was not linked to the U.S. bank hiring the son of a high-level executive linked to the Chinese firm, a spokesman for the Chinese bank told state media.
The official China Securities Journal on Tuesday cited an unnamed “person in charge” at Everbright Bank saying the process of hiring JPMorgan was “open and transparent, and there was no so-called issue of passing favors”.
Everbright Bank could not be immediately reached for comment.
U.S. authorities have opened an investigation into whether the Wall Street investment bank hired the children of powerful Chinese officials to help it win business in China, a person familiar with the matter said on Monday.
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