Mar. 21, 2012 (China Knowledge) - U.S.-based financial holding company JPMorgan Chase & Co has agreed to take over a 19.9% stake in Bridge Trust Co, a Zhengzhou
, Henan Province-based
trust firm, said a source familiar with the matter.
The investment by J.P. Morgan, which has showed interest in expanding in trust services in China, is seen as the company's first step in the sector.
The stake acquisition of Bridge Trust Co, controlled by state-owned China Power Investment Financial Co, is still subject to approval from Chinese regulators, said the source.
Trust firms in China provide a wide range of services, including wealth management, private equity and securities investments.
At the end of last year, China's trust assets had risen 58% year on year to RMB 4.8 trillion. The trust industry had invested a total of RMB 688.2 billion in the real estate sector as of the end of last year, according to figures from the China Trustee Association.