RBS, Legend Holdings win approval to buy stakes in China's Suzhou Trust - report

BEIJING, Jun 30, 2008 (XFN-ASIA via COMTEX) -- TCNYF | Quote | Chart | News | PowerRating -- China Banking Regulatory Commission (CBRC) has granted approval to Royal Bank of Scotland Group PLC and Legend Holdings Ltd, the parent of Lenovo Group, to buy stakes in Suzhou Trust Co, Caijing Magazine reported on its website.

The magazine cited sources as saying that Royal Bank of Scotland has won approval to buy 19.9 pct, with Legend Holdings taking up an unspecified smaller stake.

The two investors will purchase their stakes via the purchase of new shares, the report said.

No further details were given.

Suzhou Trust, which operates in eastern China's Jiangsu province, had trust assets of 6.21 bln yuan at the end of 2007. It booked a net profit of 70.23 mln yuan in 2007, up from 37.93 mln a year earlier, according to its website.

The report added that trusts are attracting potential investors, with Merrill Lynch in talks with Western Trust & Investment and HSBC looking to buy a stake in Shanxi International Trust & Investment.

(1 usd = 6.9 yuan)

zachary.wei@xfn.com

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