SHANGHAI, March 18 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
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.
(Reporting by Lu Jianxin and Kazunori Takada; Editing by