The new venture will be named Sino-Australian International Trust Company and will be based in Lu Jia Zui, Shanghai. Macquarie's local partners are Beijing Rongda Investment Limited and Beijing Sanjili Energy Company Limited, according to a statement.

The trust will have an initial capital of RMB300 million and will focus on helping raise finances for firms and local government units, while offering RMB financial products to institutional and high net worth investors.

The Australian financial services provider owns 19.99 per cent of the joint venture, while Rongda and Sanjili own 20.01 per cent and 60 per cent respectively.

"This joint venture will allow us to extend our client service capability as we build a domestic network and to arrange financing for international clients operating in China and locally based corporates," said Macquarie Capital Asia head Andrew Low.

The deal has already obtained regulatory approval and is classified as a non-banking financial company.