CICC tipped to acquire stake in Chinese trust company
China International Capital Corp. (CICC) is poised to buy a stake in Zheshang Trust, stretching its financial industry scope to include the country’s innovative yet opaque trust sector. The company, which is part-owned by TPG Capital and KKR, will likely launch the new venture later this week, the Financial Times reported, citing a person familiar with the matter.
CICC will take a 35% interest in Hangzhou-based Zheshang Trust and have management control, with a unit of the Zhejiang provincial government retaining majority ownership. Trust companies have an unusually...
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