Shanghai Pudong Development Bank to Grant Credits Worth 145 Billion Yuan to Two Related Parties

MT Newswires Live

06/09

Shanghai Pudong Development Bank (SHA:600000) plans to grant a total of 145 billion yuan in credits to two related parties, according to a Saturday filing on the Shanghai bourse.

The Chinese lender will grant credits worth 120 billion yuan to Guotai Haitong Securities (SHA:601211, HKG:2611), with a term of three years, and a one-year credit amounting to 25 billion to Shanghai Shendi (Group).

Haitong Securities' actual controller is Shanghai International Group, a major shareholder of Shanghai Pudong Development Bank, while Shendi Group is affiliated to Bailian Group, a major shareholder of the lender.

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