--JPMorgan plans to fully exit the local custodian business in Asia-Pacific by finding another bank to take on its Hong Kong and Taiwan custody operations, with Citigroup and Standard Chartered among the candidates, Reuters reports, citing unnamed sources.

--The U.S. bank has about $520 billion worth of client assets under custody as a local custodian in the two markets and plans to complete the transition by the end of 2024, according to Reuters.

Full story: tinyurl.com/2p9ch7as

Write to Ben Otto at ben.otto@wsj.com

(END) Dow Jones Newswires

December 12, 2023 00:14 ET (05:14 GMT)

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