Bloomberg News

Pudong Bank, Silicon Valley Bank Venture Plan Approved by CBRC

October 20, 2011

Oct. 21 (Bloomberg) -- Shanghai Pudong Development Bank Co. said the China Banking Regulatory Commission approved its plan to form a 1 billion yuan banking venture with Silicon Valley Bank, according to a statement to Shanghai’s stock exchange today.

Silicon Valley Bank and Pudong Bank will each own 50 percent of the venture bank, according to the statement.

To contact the editor responsible for this story: Gregory Turk at gturk2@bloomberg.net


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