Royal Bank of Scotland is understood to be acquiring a 19.9 per cent strategic stake in Suzhou Trust, based in eastern China's Jiangsu province. According to the Wall Street Journal, RBS and Suzhou Trust are said to be completing details and awaiting approval from the China Banking Regulatory Commission. Chinese rules prohibit a single foreign investor from holding more than 20 per cent of local trust firms. The move would mark a further step by the UK bank to tap into China's fast-developing financial sector. It took a strategic stake in Bank of China in 2005. Gaining a trust licence would enable RBS to extend its wealth management services in China. Suzhou Trust, founded in 1991, is controlled by Suzhou International Development Group, which is owned by the Suzhou municipal government. Its trust assets were valued at CNY6.7 billion ($900 million) at the end of last year. Meanwhile, RBS's Shanghai branch has secured the Commission's approval to provide all-round renminbi financial services for the companies and financial institutions in China. RBS also opened a Beijing branch in August.