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3 years ago
Shanghai Pudong Dev Bank says looking to acquire state-owned trust firm
March 18, 2014 / 1:51 AM / 3 years ago

Shanghai Pudong Dev Bank says looking to acquire state-owned trust firm

SHANGHAI, March 18 (Reuters) - Shanghai Pudong Development Bank Co Ltd said it may take a controlling stake in state-owned Shanghai International Trust Co Ltd as part of the Shanghai government's plan to consolidate the city's financial industry.

Trading in the bank's shares will resume on Tuesday after being suspended on Monday, it said in a filing to the Shanghai Stock Exchange. China Business News reported on Monday that the bank would likely acquire Shanghai Trust, which manages assets including pensions, securities and property.

"Our company is considering obtaining a controlling stake in Shanghai Trust," the bank said in the filing. "Details ... including the percentage of the stake in Shanghai Trust are still being studied."

Established in 1981, Shanghai Trust has a registered capital of 2.5 billion yuan ($405 million). It is currently 66.33 percent-controlled by Shanghai International Group Co Ltd, which is in charge of managing the city's state-owned assets and also owns a 16.9 percent stake in Shanghai Pudong Development Bank.

China's state-asset acquisitions often take the form of transferring management power between state-owned companies without involving in money-related transactions.

($1=6.1781 Yuan)

Reporting by Lu Jianxin and Kazunori Takada; Editing by Kenneth Maxwell

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