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SPDB suspends trading on acquisition report
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SHANGHAI Pudong Development Bank suspended trading in Shanghai today after reports the lender plans to acquire Shanghai International Trust Co.
It would mark an important step for the Shanghai lender toward becoming a financial conglomerate, analysts said.
It also is seen as another government step toward reform of the financial sector.
“Trading is to be suspended for today in an important, undisclosed matter,” SPDB said in a public notice.
It has not been confirmed whether the acquisition would be made by a capital injection to the 13 shareholders of the trust company, or other means, China Business News reported, citing unnamed sources from Shanghai State-owned Assets Supervision and Administration Commission and the Shanghai Financial Services Office.
Shanghai International Group has a combined 24.2 percent interest in SPDB, making the 100 percent state-owned company the biggest shareholder of the bank. It also has a 66.3 percent stake in Shanghai Trust.
The deal involving SPDB and Shanghai Trust will soon roll out, as the decision has been made from the top level, the report said.
It compared it to the Guotai Junan case. Guotai Junan Securities Co may acquire a 51 percent interest in Shanghai Securities Co for a price of less than 4 billion yuan (US$651 million), according to China Securities Journal.
Shanghai embarked on the restructuring of state-owned assets last December when two major state-owned enterprises merged under the reform guidelines from the commission.
Acquisitions by SPDB and Guotai Junan would mark the latest steps for the government in strengthening the competitiveness of local financial institutions.
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