Troubled Minsheng Trust Calls In Rivals to Run Its Day-to-Day Business

China Minsheng Trust Co. Ltd. has hired two state-backed peers to help manage its daily operations, as the troubled trust company tries to rein in risks stemming from its mounting losses and nonperforming assets.

To improve the effectiveness of company operations, Minsheng Trust has signed an agreement with Citic Trust Co. Ltd. and Huarong International Trust Co. Ltd. to have them provide services for its day-to-day operations and management, according to an announcement on Thursday. The agreement, which came into effect on the same day, doesn’t alter any of Mingsheng Trust’s debt- and trust-related relationships and will continue until the two sides decide to end it, the announcement said.