By Selena Li

HONG KONG (Reuters) – JPMorgan Chase & Co (NYSE:) appoints Lu Fang to chair the board of its China securities arm, replacing former chair Park Pu, according to a company memo reviewed by Reuters and confirmed by a company spokesperson.

Greg Yu, recently deputy general manager of J.P. Morgan Securities China Company, has been promoted to general manager, according to the memo issued on Wednesday.

The securities unit, which JPMorgan won the approval in 2021 to convert from a joint venture to a wholly owned subsidiary, employed 210 staff in China at the end of 2022, one of the largest among foreign securities firms.

It conducts various banking businesses including investment banking and securities brokerage.

Both appointments took effect immediately, subject to regulatory filings, the bank said in the memo.

Lu replaces Park Pu, who most recently the China arm’s chairman and worked for the firm for nearly a decade. Pu will assume a new role as senior advisor to the firm, the memo reads.

Lu will be responsible for overall management of the company, overseeing local governance and the bank’s strategic agenda.

Yu, who will continue in his role as head of Equities for JPMSC will be responsible for the implementation and execution of the bank’s strategic agenda, facilitating regulatory relationships, and overseeing day to day operations.

(This story has been corrected to say that Pu joined the firm nearly a decade ago, and most recently was the China arm’s chairman, in paragraph 6)