China Pudong Silicon Valley Bank renamed as "Shanghai Technology Innovation Bank", with Pudong Development Bank holding 100% of the shares
China PuFa Silicon Valley Bank has been renamed as "Shanghai Science and Technology Innovation Bank Co., Ltd.", with Pudong Development Bank holding 100% of the shares. This change has been approved by the China Banking and Insurance Regulatory Commission, and the registered capital has been adjusted from 2 billion RMB to 1 billion RMB. In 2012, PuFa Silicon Valley Bank was jointly established by Silicon Valley Bank and Pudong Development Bank, each holding 50% of the shares
Reuters Beijing, August 31 - The latest approval from the China Banking and Insurance Regulatory Commission shows that the name of PuFa Silicon Valley Bank will be changed to "Shanghai Sci-Tech Bank Co., Ltd.", and after adjusting the shareholding ratio, Shanghai Pudong Development Bank (600000.SS) will hold 100% of the shares.
The full text of the approval was published on the official website of the China Banking and Insurance Regulatory Commission, indicating that the registered capital of PuFa Silicon Valley Bank will be changed from RMB 2 billion to RMB 1 billion.
In 2012, Silicon Valley Bank and Shanghai Pudong Development Bank jointly established PuFa Silicon Valley Bank, each holding 50% of the shares. However, the U.S.-based Silicon Valley Bank Financial Group, which focuses on startups, suddenly collapsed, becoming the largest bank failure since the financial crisis. (End)
(Reporter: Qiao Yanhong; Editor: Lin Gaoli)
