Shanghai Pudong Development Bank

Shanghai Pudong Development Bank Co. Ltd (SPDB or Pufa; 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.[2]

Shanghai Pudong Development Bank Co. Ltd
TypePublic company
SSE: 600000
SSE 50 Component
IndustryBanking, finance
Founded1993 (1993)
HeadquartersShanghai, China
Key people
Gao Guofu (Chairman)
Zhu Yuchen (President)
ProductsFinancial services
US$8 billion (2016)[1]
Total assetsUS$842.8 billion (2016)[1]
Number of employees
52,832
Websitewww.spdb.com.cn/
Shanghai Pudong Development Bank
Chinese上海浦东发展银行
Hanyu PinyinShànghǎi Pǔdōng Fāzhǎn Yínháng

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).[3]

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.[4]

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.[4]

Bank branches
SPD Bank in Wuhan

The bank has set up 30 branches and offices in Shanghai, Hangzhou, Ningbo, Nanjing, Beijing, Wenzhou (a sub-branch), Suzhou, Chongqing, Guangzhou, Shenzhen, Kunming, Wuhu (a sub-branch), Tianjin, Zhengzhou, Dalian, Jinan, Chengdu, Xi'an, Shenyang, Wuhan, Qingdao Branch, Taiyuan (source Company's Annual Report 2007), Hong Kong (since 2011).

In 2019, the bank's Hong Kong Branch moved into the top floors of 1 Hennessy Road, Wan Chai, a building that was therefore renamed into "SPD Bank Tower". The same building also houses SPDB International Holdings Limited and SITCOAM (Hong Kong) Holdings Limited.

Historical developments
Pufa Tower, the Shanghai branch of SPDB, Pudong, Shanghai

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.

In 2019, it was reported that the bank was under investigation for alleged money laundering and sanctions violations involving the North Korean regime.[5][6] The bank allegedly moved money for the Foreign Trade Bank of the Democratic People's Republic of Korea that was used to finance the country's nuclear and ballistic missile programs.[7]

References
  1. "The World's Largest Public Companies". Forbes. Archived from the original on 2019-10-02. Retrieved 2017-09-11.
  2. "SHA:600000 - Google Search". www.google.com.
  3. Shanghai Pudong Development Bank Archived 2007-11-04 at the Wayback Machine
  4. Shanghai Pudong Development Bank Archived 2007-11-04 at the Wayback Machine
  5. Hsu, Spencer (June 24, 2019). "Chinese bank involved in probe on North Korean sanctions and money laundering faces financial 'death penalty'". Washington Post. Archived from the original on June 27, 2019. Retrieved June 29, 2019.
  6. Wolfe, Jan; Brunnstrom, David (2019-07-31). "U.S. appeals court upholds ruling against Chinese banks in North Korea sanctions probe". Reuters. Archived from the original on 2019-08-12. Retrieved 2019-08-12.
  7. Hsu, Spencer (June 25, 2019). "Chinese banks respond to report of U.S. subpoena battle in North Korea sanctions probe". Washington Post. Archived from the original on June 29, 2019. Retrieved June 29, 2019.
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