CICC to buy 35% of Zheshang

The investment bank may become first domestic securities firm to take control of a trust, says source

BEIJING - China International Capital Corp (CICC), the nation's top-ranked investment bank last year, is set to become the first domestic securities firm to take control of a trust, said a person with direct knowledge of the matter.

CICC expects to get approval from the banking regulator in about a month to buy 35 percent of Hangzhou-based Zheshang Trust Co, said the person, who declined to be identified as the information is confidential. CICC will name Managing Director John Cheng as general manager of Zheshang and appoint most executives for the first three years, the person said.