Shanghai Pudong Development Bank
Encyclopedia
Shanghai Pudong Development Bank Co. Ltd (SPDB), 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.
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).
, building Shanghai into one of the great international financial hubs, and to contribute to the national economic development and social progress.
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.
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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
.
People's Bank of China
The People's Bank of China is the central bank of the People's Republic of China with the power to control monetary policy and regulate financial institutions in mainland China...
(August 28, 1992), is a joint-stock commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
with its headquarters located in Shanghai.
Shanghai Pudong Development Bank issued a 400 million A-share offer on September 23, 1993 on the Shanghai Stock Exchange
Shanghai Stock Exchange
The Shanghai Stock Exchange , abbreviated as 上证所/上證所 or 上交所, is a stock exchange that is based in the city of Shanghai, China. It is one of the two stock exchanges operating independently in the People's Republic of China, the other is the Shenzhen Stock Exchange...
. It became the first shareholding commercial bank to list with both Central Bank and China Securities Regulatory Commission
China Securities Regulatory Commission
The China Securities Regulatory Commission is an institution of the State Council of the People's Republic of China , with ministry-level rank...
’s approval since the enactment of "Commercial Bank Law" and "Securities Law". Thus, the registered capital reached RMB
Renminbi
The Renminbi is the official currency of the People's Republic of China . Renminbi is legal tender in mainland China, but not in Hong Kong or Macau. It is issued by the People's Bank of China, the monetary authority of the PRC...
2.41 billion. 320 million shares of the issue were listed on the Shanghai Stock Exchange on November 10, 1999 (stock code 600000).
Purpose
The purpose of SPDB is to provide financial services for the development of PudongPudong
Pudong |Bank]]") is an area of Shanghai, China, located along the east side of the Huangpu River, across from the historic city center of Shanghai in Puxi. Formerly a little-developed agricultural area linked only by ferries, Pudong has grown rapidly since the 1990s and emerged as China's financial...
, building Shanghai into one of the great international financial hubs, and to contribute to the national economic development and social progress.
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.
Bank branches
The bank has set up 30 branches and offices in Shanghai Branch, Hangzhou Branch, Ningbo Branch, Nanjing Branch, Beijing Branch, Wenzhou Sub-branch, Suzhou Branch, Chongqing Branch, Guangzhou Branch, Shenzhen Branch, Kunming Branch, Wuhu Sub-branch, Tianjin Branch, Zhengzhou Branch, Dalian Branch, Jinan Branch, Chengdu Branch, Xi'an Branch, Shenyang Branch, Wuhan Branch, Qingdao Branch, Taiyuan Branch (source Company's Annual Report 2007)Historical developments
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
, 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
Shanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
's historic Bund
The Bund
The Bund is a waterfront area in central Shanghai, People's Republic of China. The area centres on a section of Zhongshan Road within the former Shanghai International Settlement, which runs along the western bank of the Huangpu River, facing Pudong, in the eastern part of Huangpu District...
- the HSBC Building
HSBC Building, Shanghai
The HSBC Building is a six-floor neo-classical building in the Bund area of Shanghai, China. It was the headquarters of the Shanghai branch of The Hongkong and Shanghai Banking Corporation from 1923 to 1955. The building is situated at number 12, the Bund. It is also known as the Municipal...
- 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
China Construction Bank
China Construction Bank is one of the 'big four' banks in the People's Republic of China. To date, it is ranked as the nation's second largest and the second largest bank in the world by market capitalization and 12th largest company in the world. The bank has approximately 13,629 domestic branches...
, and watched as rival Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
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
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
.
See also
- Minsheng Bank
- Huaxia Bank