Shanghai Pudong Development Bank - Books - Famous Chinese Shopping City

March 8, 2014


		1 Introduction 2 Events in 2005 3 External links

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Shanghai Pudong Development Bank

Wikipedia

Shanghai Pudong Development Bank ,SPDB, incorporated on January 9, 1993 with the approval of the People's Bank of China (28th, August, 1992), is a joint-stock commercial bank with its headquarters located in Shanghai.

Shanghai Pudong Development Bank launched a 400 million A-share offer on September 23 on the Shanghai Stock Exchange becoming the first shareholding commercial bank to list with both central bank and China Securities Regulatory Commission???s approval since the enforcement of "Commercial Bank Law" and "Securities Law". Thus the registered capital reaches RMB2.41 billion and 320 million shares of the issue were listed on the Shanghai Stock Exchange on November 10, 1999 (stock code 600000). The objectives of SPDB are to provide services for the development of Pudong for the building of Shanghai into one of the international economic, financial and trade centers in the shortest possible time and to contribute to the national economic development and social progress.

By the end of the year 2004, the bank's total assets reached RMB455.53 billion, the outstanding balance of all deposits stood at RMB395.38 billion and outstanding loans of RMB310.9billion yuan. After-tax profits totaled RMB1930 million.

The bank has set up 24 directly subordinate branches and sub-branches in Shanghai, Beijing, Tianjing, Chongqing, Hangzhou, Nanjing, Guangzhou, Shenzhen, Kunming, Zhenzhou, Dalian, Jinan, Xian, Chengdu, Shenyang, Wuhan, Taiyuan, Changsha, Harbin, Ningbo, Suzhou, Wenzhou, Wuhu etc, with a total of 328 business network sites.

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Events in 2005

On September 9 2005, Citigroup the world's largest financial services firm, expects to wrap up talks within months to raise its stake to nearly a fifth in China's Pudong Development Bank, a senior executive said. Citigroup wants to quadruple its stake in Pudong Bank to 19.9 percent as rivals, including HSBC Holdings Plc. and Bank of America, move to pay billions of dollars for slices of Chinese banks. If successful, the investment could cost Citigroup as much as 5 billion yuan -- based on Pudong Bank's public share price -- though foreign investors often secure a steep discount. It would expand its footprint in China's commercial stronghold of Shanghai, where Pudong Bank is based. Citigroup is looking to increase its presence in a market with $1.5 trillion in savings that is set to open wider to foreigners by the end of 2006 in line with commitments Beijing gave when it joined the World Trade Organization in 2001. The world's leading financial giant paid $72 million in January 2003 for 4.62 percent of Pudong Bank, the domestic bourse's third-largest bank by market capitalization.

Under an agreement forged in 2002, Citigroup already has the option to raise its stake to 24.9 percent by 2008. From its headquarters on Shanghai's historic Bund -- a building that was once HSBC's headquarters in China -- Pudong Bank today commands 328 branches across the country.

China, which has made banking reform a priority for fear the sector's problems could jeopardize economic stability, is urging banks big and small to find foreign investors and seek listings. Citigroup, which became the world's most valuable financial services firm through a series of big acquisitions, had been viewed as a potential player in any foreign investments in China. But it did not take an expected plunge with state-backed China Construction Bank, and watched as rival Bank of America agreed to pay $3 billion for 9 percent of the Chinese lender. Citigroup has made significant investments elsewhere in Asia, with a $2.7 billion purchase of KorAm Bank in South Korea.

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External links

http://www.spdb.com.cn/ Official site

Category: Banks of the People's Republic of China
Category:Companies of the People's Republic of China

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This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Shanghai Pudong Development Bank".

Last Modified: 2005-11-04

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