China International Capital Corp will become the country’s first investment bank to manage a trust company, with a new venture likely to launch later this week, according to a person familiar with the matter.
The move by CICC underscores how China’s little-understood trust sector has become one of the fastest growing parts of its financial system and a source of innovation lacking from traditional banks.
CICC will take a 35 per cent stake in Zheshang Trust, based in the wealthy eastern city of Hangzhou. Although the majority will be held by an arm of the Zhejiang provincial government, CICC, which is partly owned by US private equity groups TPG Capital and KKR, will have primary responsibility for management.
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