Former Chase Manhattan Chief Executive, billionaire David Rockefeller has died at the age of 101, "Armenpress" reports, citing RT.

Rockefeller served as chairman and CEO of Chase Manhattan Bank, which after a series of mergers is now JPMorgan Chase. He persistently lauded the benefits of capitalism. He also had a nephew, Jay Rockefeller, who served as US senator from West Virginia. "The problem is to see that the system is run as efficiently and as honestly as it can be". He was awarded a Ph.D in economics from the University of Chicago in 1940.

Rockefeller retired in 1980 as CEO and chairman Chase Manhattan after almost nearly 35 years at the bank. He relinquished the chairmanship in 1981, when he retired.

Rockefeller favored assisting economies overseas on grounds that bringing prosperity would create customers for American products.

Under his leadership, Chase was the first United States bank to open offices in the Soviet Union and China.

Rockefeller collected beetles as a lifelong hobby and also acquired art - a Mark Rothko painting he bought in 1960 for less than $10,000 was auctioned for more than $72 million in May 2007. The Rockefeller estate overlooking the Hudson river north of New York City is the repository of four generations of family history, including Nelson's art and sculpture collection.

He was also remembered for his patronage to philanthropy and the arts, preserving his family's close relationship with the Museum of Modern Art.

His charitable service earned him a Presidential Medal of Freedom, the country's highest civilian honour, in 1998.

Rockefeller married Margaret McGrath from 1940 until her death in 1996 and the couple had six children.