After visiting China this week, JPMorgan Chase & Co (JPM.N) CEO Jamie Dimon will visit Taiwan on Friday, a source said.
Dimon’s visit to Taipei, where JPMorgan has operated since 1970, amid rising tension over Beijing’s claim to the democratically ruled island. Taiwan vehemently denies China’s sovereignty.
China dislikes foreign government officials visiting Taiwan, while business leaders, who avoid politics, are ignored.
“The Chinese are much more concerned about U.S. government contacts with Taiwan than they are with private firms and banks doing business,” said Hong Kong-based Orient Capital Research managing director Andrew Collier.
“Executives should pass Chinese litmus tests if they avoid political statements.”
The source requested anonymity due to the trip’s secrecy and said Dimon would meet bank employees and clients but not Taiwan officials.
JPMorgan declined to comment. Bloomberg reported first. The source said Dimon would visit South Korea after Taiwan on his Asia tour.
JPMorgan manages public pension assets and provides corporate, investment, and commercial banking in Taiwan with over 500 workers.
Since Taiwan is a major semiconductor producer, U.S. tech executives visit Taiwan more often than Wall Street officials, who have a small business presence there.
Last month, Intel Corp.’s Pat Gelsinger and Nvidia Corp.’s Jensen Huang visited for trade shows.
Dimon met with then-president Ma Ying-jeou in 2014. On Friday, her administration stated President Tsai Ing-wen would not meet Dimon.
The island’s Financial Supervisory Commission official said Dimon would not meet.
This week, Dimon met with Shanghai’s Communist Party secretary Chen Jining, who wants the bank to promote investment in the economic hub.
At Wednesday’s three-day JPMorgan Global China Summit in the city, Dimon advocated East-West “derisking” over decoupling. Instead, he said the U.S. and China need “real engagement” on security and commerce.