JPMorgan Chase expects to secure final approval for its new trust company joint venture in China in the second quarter of this year, according to people familiar with the situation, as it slowly ramps up its presence in the country.
The trust agreement will give JPMorgan a minority stake in the tiny Henan-based Bridge Trust Co.
The move comes a few months after the US bank decided in November to move forward with a credit guarantee operation at the behest of the National Development and Reform Commission, a powerful central planning agency, which has been taking steps to support China’s smaller companies.
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