JPMorgan is in talks to buy the half of Cazenove Group it doesn’t already own for about £1 billion pounds, according to Bloomberg, citing an unnamed source.

The price equates to about 530 pence a share, the news agency quoted the source as saying.

The proceeds will be split among Cazenove’s 1,500 shareholders and a deal is likely to be announced before the end of this month, the person said.

JPMorgan forged its venture with London-based Cazenove in 2004 to improve its relations with corporate clients. Cazenove is one of the UK’s oldest financial institutions, tracing its origins back to 1823.

A separate but related business is Cazenove Capital Management, a firm that provides services including wealth management. Cazenove Capital demerged from its parent earlier in this decade.