China's Pudong Bank, Shandong Trust to tie up

SHANGHAI, May 10 (Reuters) - Shanghai Pudong Development Bank (600000.SS: Quote, Profile, Research, Stock Buzz), a China partner of Citigroup (C.N: Quote, Profile, Research, Stock Buzz), said on Saturday that it had signed a memorandum of understanding to form a strategic alliance with Shandong International Trust Corp.

The two companies will tie up in ways including equity investment in each other, designing products and serving clients, Pudong Bank said in a brief statement without elaborating.

Shandong Trust, based in the northern coastal province of Shandong, had total assets of 21.1 billion yuan ($3.0 billion) at the end of June 2007, according to its website.

On Friday, Pudong Bank said it had signed a similar memorandum of understanding with Shandong's Laiwu City Commercial Bank. (Reporting by Andrew Torchia; Editing by Michael Urquhart)