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(Shanghai Daily)
Updated: 2007-10-29 18:05

Bank of Communications (BoCom) yesterday launched operations of its newly acquired trust unit, taking a lead among Chinese mainland commercial banks to diversify into the trust business to seek broader growth.

The bank, partly owned by HSBC, agreed in June to pay 1.22 billion yuan ($163 million) for 85 percent of Hubei International Trust & Investment Co. It renamed the firm Bank of Communications International Trust & Investment Co.

BoCom International Trust, based in Wuhan, Hubei Province, has 1.2 billion yuan in registered capital, the bank said in a statement. The Hubei government holds the remaining 15 percent in the trust venture, it said.

"The trust company will tap the vast business and client resources of BoCom to expand initially," said Jin Dajian, chairman of BoCom International Trust, at a media briefing. "We will focus on boosting asset-management abilities."

The trust venture will provide a raft of businesses, including assets packaging and financial consulting, according to Jin. The company is also on track to launch private equity business, Jin said.

China conducted a revamp of its trust industry in early 2000s by closing down more than 200 trust companies, which borrowed heavily to invest in unprofitable projects. Authorities hope to nourish the sector by allowing firms to lure strategic investors.

Domestic banks are also revving up bids to conduct across-the-board business expansion by tapping fund management, trust and insurance industries in a bid to lessen their dependence on credit growth.

China Minsheng Banking Corp, the country's first privately held lender, has proposed to purchase a 25-percent stake in Shenzhen-listed Shaanxi International Trust for 2.34 billion yuan.

BoCom, which raised $3.3 billion selling yuan-backed A shares in Shanghai in early June, logged net profit growth of 40 percent in the first half on higher loan demand and increased fee-based incomes.