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Pudong Development Bank Inclined to Make Acquisitions in HK
Shanghai Pudong Development Bank (600000 SSE), the only bank listed on the Shanghai Stock Exchange, said it will not rule out the possibility of expansion through acquisitions in Hong Kong, though it will not open branches in the city for the time being, the Hong Kong-based newspaper Ta Kung Pao reported, citing the bank's vice president Chen Xin.
Chen said in a seminar that a number of mainland banks intend to operate in Hong Kong, which they believe has a healthier capital market.
Chen also predicted that part of the expansion will take the form of acquisitions, following the lead of the Industrial and Commercial Bank of China, which took over the Union Bank earlier this year.
Pudong Development bank owns 13 branches in the mainland, and plans to increase the number to 20 by the end of this year. The bank has total assets of RMB113.4 billion (US$13.7 billion) with capital adequacy ratio of 17%. (Panorama)
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