While Wall Street titans have long since acquired expensive stakes in China’s top-tier lenders, a growing number of western banks are choosing a more low-key approach to access the mainland’s growing financial services sector.

In recent months Australia’s Macquarie Bank, National Australia Bank, Barclays and Royal Bank of Scotland have struck deals – some of which await government approval – to take minority stakes in China’s small trust and investment companies for undisclosed sums. Several other foreign investors are in various stages of talks to buy into the 60 or so remaining trust firms, although domestic lenders are also circling.