The US bank, however, did not disclose the value of the acquisition, according to media reports.
The move follows after the bank decided in November last year to move forward with a credit guarantee operation at the request of China’s central planning agency, the National Development and Reform Commission.
The JP Morgan’s move is expected help Bridge Trust originate, structure and distribute products that will be aimed at the firm’s growing base of wealthy indivduals.
JP Morgan is expecting regulatory approval from the China Banking Regulatory Commission in the second quarter of this year for the acquisition.
The regulatory body does not permit foreign groups to have majority stakes in trust companies, though they can have up to 20% stake in the same.
