The decision was taken during a board meeting on Wednesday (announcement in Chinese, link via Reuters news service). No timing was disclosed.
Shanghai Pudong Development Bank, which uses the abbreviation SPD Bank, was founded in 1992, originally to help develop the city’s financial centre. Today it provides corporate and personal financial services across mainland China. SPD Bank opened a London representative office in 2013. It also has joint ventures, in Shanghai, with the French financial group Axa and with Silicon Valley Bank.
According to The Banker, a trade publication owned by the Financial Times Group, SPD Bank “is ranked 29th in the Top 1000 World Banks by Tier 1 2016 ranking, rising 6 places from the previous ranking”.