JPMorgan and Fidelity are among the overseas banks and asset managers preparing to apply for trust company licences in China as the sector attracts a new wave of foreign investor interest, according to people familiar with their plans.
Regulators in Beijing, concerned by inflationary pressures are leaning on the country’s more heavily regulated commercial banks to curtail credit growth. However, trust companies, which do not take deposits, are more lightly regulated.
Many potential foreign investors believe they could be more profitable vehicles since they operate in a murkier realm where the official banking system meets the shadow banking system while offering a wide range of financial services.
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