Shanghai Pudong Development Bank

Infobox Company
company_name = Shanghai Pudong Development Bank Co. Ltd
company_
company_type = Joint stock company
company_slogan =
foundation = 1993
location = Shanghai, PRC
key_people = Ji Xiaohui, Chairman
num_employees = n/a
industry = Banking, Finance
products = Financial Services
revenue = n/a
net_income = USD 418.75 million (2006) [ [http://english.people.com.cn/200701/05/eng20070105_338623.html People's Daily Online - Shanghai Pudong Development Bank sees net ptofits grow 31 percent in 2006 ] ]
homepage = [http://www.spdb.com.cn/ http://www.spdb.com.cn/]

Shanghai Pudong Development Bank Co. Ltd (SPDB), (SSE|600000) incorporated on January 9, 1993 with the approval of the People's Bank of China (August 28, 1992), is a joint-stock commercial bank with its headquarters located in Shanghai. [ [http://finance.google.com/finance?q=SHA%3A600000 600000 - Shanghai Pudong Development Bank Co. Ltd - Google Finance ] ]

Shanghai Pudong Development Bank issued a 400 million A-share offer on September 23 1993 on the Shanghai Stock Exchange. It became the first shareholding commercial bank to list with both Central Bank and China Securities Regulatory Commission’s approval since the enactment of "Commercial Bank Law" and "Securities Law". Thus, the registered capital reached RMB 2.41 billion. 320 million shares of the issue were listed on the Shanghai Stock Exchange on November 10, 1999 (stock code 600000). [ [http://www.spdb.com.cn/docpage/c511/200605/0519_511_13975.aspx Shanghai Pudong Development Bank ] ]

Purpose

The purpose of SPDB is to provide financial services for the development of Pudong, building Shanghai into one of the great international financial hubs, and to contribute to the national economic development and social progress. [ [http://www.spdb.com.cn/docpage/c511/200605/0519_511_13975.aspx Shanghai Pudong Development Bank ] ]

By the end of 2004, the bank's total assets reached RMB 455.53 billion. The outstanding balance of all deposits stood at RMB 395.38 billion and outstanding loans of RMB 310.9 billion. After-tax profits totaled RMB 1930 million. [ [http://www.spdb.com.cn/docpage/c511/200605/0519_511_13975.aspx Shanghai Pudong Development Bank ] ]

Bank branches

The bank has set up 24 branches and offices in Shanghai, Beijing, Tianjin, Chongqing, Hangzhou, Nanjing, Guangzhou, Shenzhen, Kunming, Zhengzhou, Dalian, Jinan, Xian, Chengdu, Shenyang, Wuhan, Taiyuan, Changsha, Harbin, Ningbo, Suzhou, Nantong, Wenzhou and Wuhu.

Historical developments

In 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%.

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

China has made banking reform a priority, because it fears the sector's problems could jeopardize economic stability. It 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% of the Chinese lender. Citigroup has made significant investments elsewhere in Asia, with a $2.7 billion purchase of KorAm Bank in South Korea.

See also

* Minsheng Bank
* Huaxia Bank

References

External links

* [http://www.spdb.com.cn/ http://www.spdb.com.cn/ Official site]

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