NAB takes 20% stake in trust firm

National Australia Bank (NAB) on Friday completed its purchase of a 20 percent stake in Union Trust and Investment Limited (UTI), making it the first foreign investment in China's trust sector.

The investment by nabCapital, NAB's capital markets and institutional banking division, makes the bank the third largest shareholder in UTI. Neither party revealed the price for the transaction.

"With UTI's focus on property this deal represents an opportunity for NAB to bring our expertise in structured financing to China's burgeoning market," nabCapital's CEO John Hooper said.