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RBS wins nod for investment in Suzhou Trust

Tuesday, 01 July 2008

China Banking Regulatory Commission (CBRC) has granted approval to Royal Bank of Scotland Group PLC and Legend Holdings Ltd, the parent of Lenovo Group, to buy stakes in Suzhou Trust Co, Caijing Magazine reported on its website. The Royal Bank of Scotland Group (RBS), one of the largest banking and insurance holding companies in the UK, are now ready to expand its corporate banking and wealth management services in China, sources reported.

Suzhou Trust, which operates in eastern China's Jiangsu province, had trust assets of 6.21 bln yuan at the end of 2007. It booked a net profit of 70.23 mln yuan in 2007, up from 37.93 mln a year earlier, according to its website.

The report added that trusts are attracting potential investors, with Merrill Lynch in talks with Western Trust & Investment and HSBC looking to buy a stake in Shanxi International Trust & Investment.

No further details were given.

Source: TradingMarkets