Others News
- First bank-invested trust company opens
Date: 31-Oct-2007 Sources: (Shenzhen Daily)
THE country's first bank-invested trust company was officially set up in Wuhan, capital of Central China's Hubei Province, on Sunday.
The new trust company is owned by Bank of Communications (BOCOM), China's fifth largest lender, and the Hubei provincial finance department, which control 85 percent and 15 percent of the total shares respectively.
OCOM invested 1.2 billion yuan (US$160 million) to buy the shares of the Hubei international trust and investment company, the first commercial bank investment in a trust company approved by the China Banking Regulatory Commission. Jin Dajian, chairman of the new company named 'Jiaoyinguoxin,'or BOCOM-International Trust, said the company would focus on 'professional wealth management.'
Jin called the establishment of the new trust company 'a breakthrough for China's trust industry,'given that the country's law on commercial banks, effective since 1995, did not allow commercial banks to make trust investments.
The regulation was not lifted until the end of last year, when the China Banking Regulatory Commission encouraged financial institutions, including commercial banks, to acquire trust companies.
Sponsor Results:
