Shanghai Pudong Development Bank Co. Ltd (SPDB or Pufa; SSE: 600000) is a state-owned joint-stock commercial bank, established in 1993, with its headquarters located in Shanghai.[2]
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]
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]
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
^ ab"The World's Largest Public Companies". Forbes. from the original on 2019-10-02. Retrieved 2017-09-11.
^Shanghai Pudong Development Bank 2007-11-04 at the Wayback Machine
^ abShanghai Pudong Development Bank 2007-11-04 at the Wayback Machine
^Hsu, Spencer (June 24, 2019). "Chinese bank involved in probe on North Korean sanctions and money laundering faces financial 'death penalty'". Washington Post. from the original on June 27, 2019. Retrieved June 29, 2019.
^Wolfe, Jan; Brunnstrom, David (2019-07-31). "U.S. appeals court upholds ruling against Chinese banks in North Korea sanctions probe". Reuters. from the original on 2019-08-12. Retrieved 2019-08-12.
^Hsu, Spencer (June 25, 2019). "Chinese banks respond to report of U.S. subpoena battle in North Korea sanctions probe". Washington Post. from the original on June 29, 2019. Retrieved June 29, 2019.
shanghai, pudong, development, bank, spdb, pufa, 600000, state, owned, joint, stock, commercial, bank, established, 1993, with, headquarters, located, shanghai, ltdthe, spdb, occupies, hsbc, building, shanghai, bund, shanghainative, name上海浦东发展银行typepublic, com. Shanghai Pudong Development Bank Co Ltd SPDB or Pufa SSE 600000 is a state owned joint stock commercial bank established in 1993 with its headquarters located in Shanghai 2 Shanghai Pudong Development Bank Co LtdThe SPDB now occupies the HSBC Building Shanghai on The Bund of ShanghaiNative name上海浦东发展银行TypePublic company State owned enterpriseTraded asSSE 600000SSE 50 ComponentIndustryBanking financeFounded1993 30 years ago 1993 HeadquartersShanghai ChinaKey peopleGao Guofu Chairman Zhu Yuchen President ProductsFinancial servicesNet incomeUS 8 billion 2016 1 Total assetsUS 842 8 billion 2016 1 Number of employees52 832Websitewww wbr spdb wbr com wbr cnShanghai Pudong Development BankChinese上海浦东发展银行Hanyu PinyinShanghǎi Pǔdōng Fazhǎn YinhangTranscriptionsStandard MandarinHanyu PinyinShanghǎi Pǔdōng Fazhǎn YinhangShanghai 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 Contents 1 Purpose 2 Bank branches 3 Historical developments 4 References 5 External linksPurpose EditThe 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 Edit 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 Edit 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 Edit a b The World s Largest Public Companies Forbes Archived from the original on 2019 10 02 Retrieved 2017 09 11 SHA 600000 Google Search www google com Shanghai Pudong Development Bank Archived 2007 11 04 at the Wayback Machine a b Shanghai Pudong Development Bank Archived 2007 11 04 at the Wayback Machine 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 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 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 External links Edit Banks portalOfficial website in English and Chinese Retrieved from https en wikipedia org w index php title Shanghai Pudong Development Bank amp oldid 1129362771, wikipedia, wiki, book, books, library,
