Shanghai Pudong Development Bank
|Traded as||SSE: 600000|
|Headquarters||Shanghai, People's Republic of China|
|Key people||Ji Xiaohui, Chairman|
|Net income||USD 418.75 million (2006)|
|Shanghai Pudong Development Bank|
|Hanyu Pinyin||Shànghǎi Pǔdōng Fāzhǎn Yínháng|
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.
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).
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.
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.
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), Hong Kong Branch (since 2011)
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.