Macquarie Group has enlarged its footprint in China, by securing approval to launch a joint venture offering corporate banking and asset management services.
The Australian investment bank has taken a minority stake in a Shanghai trust company – lightly regulated vehicles that can also make equity investments across a wide range of sectors.
Macquarie has acquired a 19.99 per cent stake in Sino-Australian International Trust Co, the maximum permitted by China's foreign investment rules, with the remainder held by two state-owned firms, Beijing Sanjili Energy and Beijing Rongda.
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