Tags: JPMorgan | Chinese | Trust | Firm

JPMorgan to Buy Stake in Chinese Trust Firm: Reports

Wednesday, 21 Mar 2012 10:41 AM

U.S. bank JPMorgan has agreed to buy a 19.9 percent stake in Chinese trust company Bridge Trust Co., according to media reports.

Bridge Trust is based in Zhengzhou and is majority owned by a state-controlled company China Power Investment Financial Co., the Journal said.

It did not mention the value of the acquisition.

The deal requires approval from the China Banking Regulatory Commission, which is expected in the second quarter, the paper said.

Foreign investment in China's trust companies is limited to 20 percent.

In a separate report, the Financial Times said JPMorgan plans to help Bridge Trust originate, structure and distribute products that will be sold to the firm's growing base of wealthy individuals.

JPMorgan declined to comment to Reuters on the media reports.

© 2017 Thomson/Reuters. All rights reserved.

   
1Like our page
2Share
125
2012-41-21
Wednesday, 21 Mar 2012 10:41 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved