JPMorgan Chase & Co. (NYSE:JPM) is poised to raise its ownership in its Chinese securities joint venture to 71%, bringing it a step closer to becoming the first foreign bank to attain full ownership of a firm as the country opens its $49 trillion financial market. The bank has emerged as the qualified buyer of a 20% stake put up for sale by Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. (SHSE:900912) as the other existing shareholders gave up their rights to add to their holdings.

The stake will be sold for CNY 178 million ($26 million), according to a statement. The remaining shareholders also agreed to not transfer or dispose of their holdings without approval from the U.S. bank, which currently controls 51%, according to the statement. J.P. Morgan has also gained majority control of a fund management venture in the country, and will need to pay at least $1 billion to buy out the remaining 49% from its partner.

Most foreign financial institutions have identified wealth management as a prime focus, with Chinese households sitting on about $13 trillion in investable assets. A Singapore-based spokesman at J.P. Morgan declined to comment.