Shanghai-Based Bank Opens Branch in NW. China City

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Last updated at: (Beijing Time) Saturday, April 06, 2002

Shanghai-Based Bank Opens Branch in NW. China City

The Shanghai Pudong Development Bank, a commercial bank with its headquarters in east China's Shanghai, opened a branch Saturday in Xi'an, capital of Shaanxi Province.

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The Shanghai Pudong Development Bank, a commercial bank with its headquarters in east China's Shanghai, opened a branch Saturday in Xi'an, capital of Shaanxi Province.

It is the bank's first branch in the underdeveloped northwestern region.

The branch was launched to boost the economic cooperation between the eastern and western regions, and in response to the central government's policy to accelerate the development of western China, said Zhang Guangsheng, president of the Shanghai- based bank, at the opening ceremony.

The bank was founded in 1993 and listed on the stock market in 1999. Currently, it has 16 branches and 250 outlets in 27 cities across the country.

By the end of last year, its assets totaled 173.69 billion yuan, with outstanding deposits of 148.2 billion yuan.

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