SPDB looks to acquire Shanghai Trust
Print Edition
SHANGHAI Pudong Development Bank suspended trading in Shanghai yesterday, as it made an announcement about its plan to acquire Shanghai International Trust Co.
This marks an important step in the Shanghai lender’s moves to become a financial conglomerate, analysts said.
Shanghai International Group has a 24.2 percent interest in SPDB, making the state-owned company the bank’s biggest shareholder. It also has 66.3 percent of Shanghai Trust.
“Trading is to be suspended for today due to an important, undisclosed matter,” the lender said in the first notice.
In another statement it said: ”SPDB is currently in discussions with Shanghai International Group on matters related to the acquisition of Shanghai Trust.”
The specific plan is still under study, it added.
SPDB said it will fulfill disclosure obligation in a timely manner in accordance with the development of the matter.
The deal might be done via capital injection into the 13 shareholders of the trust company, or by other means, according to media reports.
Meanwhile, Guotai Jun’an Securities may acquire 51 percent interest in Shanghai Securities Co for less than 4 billion yuan (US$651 million), China Securities Journal reported yesterday.
Acquisitions by SPDB and Guotai Jun’an will mark the latest government steps to strengthen the competitiveness of local financial institutions.
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