Shanghai Pudong Development Bank Co. Ltd
Native name
上海浦东发展银行
TypePublic company; State-owned enterprise
SSE: 600000
IndustryBanking, finance
Founded9 January 1993 (1993-01-09)
HeadquartersShanghai, China
Key people
Gao Guofu (Chairman)
Zhu Yuchen (President)
ProductsFinancial services
Number of employees
52,832
Websitewww.spdb.com.cn
Shanghai Pudong Development Bank
Chinese上海浦东发展银行
Hanyu PinyinShànghǎi Pǔdōng Fāzhǎn Yínháng

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.

Shanghai Pudong Development Bank issued a 400 million A-share offer on 23 September 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". The registered capital reached RMB 2.41 billion. 320 million shares of the issue were listed on the Shanghai Stock Exchange on 10 November 1999 (stock code 600000).[1]

History

Pufa Tower, the Shanghai branch of SPDB, Pudong, Shanghai

Shanghai Pudong Development Bank partnered with Silicon Valley Bank in 2012 to create a separate Shanghai-based bank to lend to local technology startups.[2] It was the first Sino-American joint venture bank.[3]

In 2019, it was reported that the bank was under investigation for alleged money laundering and sanctions violations involving the North Korean regime.[4][5] 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.[6]

References

  1. ↑ Shanghai Pudong Development Bank Archived 4 November 2007 at the Wayback Machine
  2. ↑ Muncaster, Phil (20 August 2012). "Silicon Valley comes to China to spur tech innovation". The Register. Archived from the original on 26 September 2017. Retrieved 11 September 2017.
  3. ↑ "Silicon Valley Bank's China venture says operations 'sound'". Nikkei Asia. Archived from the original on 12 March 2023. Retrieved 12 March 2023.
  4. ↑ Hsu, Spencer (24 June 2019). "Chinese bank involved in probe on North Korean sanctions and money laundering faces financial 'death penalty'". Washington Post. Archived from the original on 27 June 2019. Retrieved 29 June 2019.
  5. ↑ Wolfe, Jan; Brunnstrom, David (31 July 2019). "U.S. appeals court upholds ruling against Chinese banks in North Korea sanctions probe". Reuters. Archived from the original on 12 August 2019. Retrieved 12 August 2019.
  6. ↑ Hsu, Spencer (25 June 2019). "Chinese banks respond to report of U.S. subpoena battle in North Korea sanctions probe". Washington Post. Archived from the original on 29 June 2019. Retrieved 29 June 2019.
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