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RBS to take stake in Chinese trust firm

RBS to take stake in Chinese trust firm

(July 13 2005 – China) Royal Bank of Scotland is reportedly set to take a near 20 percent stake in China’s eighth largest trust and investment firm. RBS, which has professed interest in expanding into China but is aware of placating shareholder concerns, will pay 498 million yuan (US$61 million) for the stake.

The bank, which is the sixth largest by market value, was rumoured to have been vying with UBS for a 19 percent stake in Bank of China earlier this year.

The deal with the trust firm, Jinxin Trust, will be inked next week if reports are correct.

Jinxin is based in the east of China in Zhejiang province.

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