Industrial Bank Co., Ltd. announced Thursday to buy a 51.18-percent stake of Union Trust Limited for 852 million yuan (129.39 million U.S. dollars).

The Fuzhou-based bank got approval for the deal from China Banking Regulatory Commission on Feb. 1, said the bank in an online statement.

The 51.18-percent stake is presently owned by New Hope Group, Sichuan South Hope Enterprises Co. and Fujian Huatou Investment Co., it said.

The deal will make the bank the controlling shareholder of Union Trust Limited and become the third bank in the country to own a trust company after Bank of Communications and China Construction Bank, the statement noted.

As one of the country's first trust companies to introduce overseas strategic investors, Union Trust Limited was set up in March 2003, with its headquarters located in Fuzhou, capital of southeast China's Fujian province.

National Australia Bank also holds 20 percent of the company.