Shanghai Pudong Development Bank

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.[2]

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
US$8 billion (2016)[1]
Total assetsUS$842.8 billion (2016)[1]
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 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).[3]

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.[4] It was the first Sino-American joint venture bank.[5]

In 2019, it was reported that the bank was under investigation for alleged money laundering and sanctions violations involving the North Korean regime.[6][7] 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.[8]

References
  1. "The World's Largest Public Companies". Forbes. Archived from the original on 2019-10-02. Retrieved 2017-09-11.
  2. "SHA:600000 - Google Search". www.google.com.
  3. Shanghai Pudong Development Bank Archived 2007-11-04 at the Wayback Machine
  4. Muncaster, Phil (August 20, 2012). "Silicon Valley comes to China to spur tech innovation". The Register. Archived from the original on September 26, 2017. Retrieved September 11, 2017.
  5. "Silicon Valley Bank's China venture says operations 'sound'". Nikkei Asia. Retrieved 2023-03-12.
  6. Hsu, Spencer (June 24, 2019). "Chinese bank involved in probe on North Korean sanctions and money laundering faces financial 'death penalty'". Washington Post. Archived from the original on June 27, 2019. Retrieved June 29, 2019.
  7. Wolfe, Jan; Brunnstrom, David (2019-07-31). "U.S. appeals court upholds ruling against Chinese banks in North Korea sanctions probe". Reuters. Archived from the original on 2019-08-12. Retrieved 2019-08-12.
  8. Hsu, Spencer (June 25, 2019). "Chinese banks respond to report of U.S. subpoena battle in North Korea sanctions probe". Washington Post. Archived from the original on June 29, 2019. Retrieved June 29, 2019.
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