Reuters: Deals: JPMorgan to buy stake in Chinese trust firm: reports

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JPMorgan to buy stake in Chinese trust firm: reports Mar 21st 2012, 05:02 Tweet Share this Email Print Related News Fed stress tests an investor payday for some Wed, Mar 14 2012 Analysis & Opinion Why the bank dividends are a bad idea China's rise and India's obvious partner (the U.S.) Related Topics Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » Employees walk past the company logo at the JPMorgan Beijing office in Beijing December 13, 2010. Credit: Reuters/Jason Lee Wed Mar 21, 2012 1:02am EDT (Reuters) - U.S. bank JPMorgan (JPM.N) 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. (Reporting by Sakthi Prasad; Editing by Kim Coghill) Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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