Shares of Shanghai Pudong Dev Bank suspended- stock exchange

SHANGHAI, March 17 Sun Mar 16, 2014 9:36pm EDT

SHANGHAI, March 17 (Reuters) - Shares of Shanghai Pudong Development Bank Co Ltd were suspended from trading on Monday pending an important announcement, the Shanghai Stock Exchange said.

The announcement came after a source-based report by China Business News that Pudong Development Bank will likely acquire state-owned trust firm Shanghai Trust as part of the Shanghai government's plan to consolidate the city's financial industry. (Reporting by Samuel Shen and Kazunori Takada)