JPMorgan Chase & Co is set to sell its one-third stake in a Chinese securities joint venture for about 307 million yuan ($44 million), according to a Shenzhen Stock Exchange filing.

China's First Capital Securities Co will become 100 percent owner of JPMorgan First Capital Securities, the local firm told the exchange. The transaction needs approval from authorities including China's securities regulator and commerce ministry.

A potential deal was flagged in October, when First Capital said that talks were underway and people with knowledge of the matter said that JPMorgan wanted a new partner for a venture in which it could wield greater control.

In a statement on Saturday, JPMorgan reiterated its commitment to China and said it would "continue to evaluate viable options" to strengthen its business in the nation.

Since UBS Group AG and Goldman Sachs Group Inc established Chinese joint ventures more than a decade ago, foreign banks have struggled to challenge local players. One disadvantage has been rules limiting them to minority stakes, reducing their sway over key decisions.

HSBC Holdings Plc last year announced plans for a China securities partnership in which it will hold a controlling stake. HSBC Chief Executive Officer Stuart Gulliver said it would be the first securities venture in China mostly owned by a foreign bank.

Bloomberg