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SPDB opens financial leasing company
By Hu Xiaocen |
May 11, 2012, Friday
|
Online Edition
Online Edition
SHANGHAI Pudong Development Bank took another step towards diversifying its business by opening a financial leasing company today in Shanghai, the bank said.
"Shanghai will support the establishment and development of financial leasing companies, as it is an important part of the city's transformation to a global financial hub," Shanghai Vice Mayor Tu Guangshao, who is in charge of the city's financial market supervision, said today in a conference. "Financial leasing is a major financing option other than bank credit and the capital market. Shanghai's real economy will be boosted by a growing financial lease business."
SPDB holds a 66.7 percent stake in the new company that has a registered capital of 2.7 billion yuan (US$427.5 million). The other two shareholders are China Commercial Aircraft Co, with a 22.2 percent stake, and Shanghai International Group Co, with an 11.1 percent stake, SPDB said.
China had 20 registered financial leasing companies as of the end of 2011 with an annual turnover of almost 500 billion yuan, said the bank.
Chinese lenders now own 11 financial leasing companies, including the one just established by SPDB, Shanghai Financial News reported today.
"Shanghai will support the establishment and development of financial leasing companies, as it is an important part of the city's transformation to a global financial hub," Shanghai Vice Mayor Tu Guangshao, who is in charge of the city's financial market supervision, said today in a conference. "Financial leasing is a major financing option other than bank credit and the capital market. Shanghai's real economy will be boosted by a growing financial lease business."
SPDB holds a 66.7 percent stake in the new company that has a registered capital of 2.7 billion yuan (US$427.5 million). The other two shareholders are China Commercial Aircraft Co, with a 22.2 percent stake, and Shanghai International Group Co, with an 11.1 percent stake, SPDB said.
China had 20 registered financial leasing companies as of the end of 2011 with an annual turnover of almost 500 billion yuan, said the bank.
Chinese lenders now own 11 financial leasing companies, including the one just established by SPDB, Shanghai Financial News reported today.
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