Latest News:  
Beijing   Sunny/Cloudy    31 / 22 ℃  City Forecast

English>>China Business

China's first bank for technological innovation opens

(Xinhua)

09:11, August 16, 2012

SHANGHAI, Aug. 15 (Xinhua) -- China's first bank for technological innovation, a result of joint investment by Shanghai Pudong Development Bank (SPDB) and America's Silicon Valley Bank (SVB), opened in Shanghai on Wednesday.

With a 1-billion-yuan (about 157 million U.S. dollars) investment, and each side holding 50 percent of shares, the SPD Silicon Valley Bank is the first joint venture bank since 1997 to win authorization by the country's Banking Regulatory Commission.

Yu Zhengsheng, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and secretary of the Shanghai Municipal Committee of the CPC, inaugurated the bank on Wednesday morning.

The facility combines Shanghai's excellent financial resources and overseas financial services, said Tu Guangshao, vice mayor of Shanghai.

Fu Jianhua, former vice board chairman and vice president of SPDB serves as board chairman of the new bank, while Ken Wilcox, board chairman of the SVB serves as its president.

The SPD Silicon Valley Bank will mainly focus on business in Shanghai and then explore more high-tech cities in China, said Fu, emphasizing its offering of services for innovative enterprises.

Shanghai Pudong Development Bank, a nationwide joint-stock commercial bank, founded in 1992, now has a registered capital of 18.653 billion yuan.

Silicon Valley Bank, founded in 1983 and headquartered in Santa Clara, California, serves clients around the world through 27 U.S. offices and three international operations.

News we recommend:
Has the bear outstayed his welcome? Steel profits continue to suffer China has entered an era of low consumer prices
Firms should watch out for Internet threats China's property market to cool down: experts Why have people lost trust in data and indices?
US takes trade remedy actions against China  Chinese prefer foreign brands Mascot maker feels pinch of rising labor costs

Email|Print|Comments(Editor:厉振羽、张洪宇)

Related Reading

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Fighters conduct training on plateau

  2. A tour of DPRK's beauties

  3. A ruling in Europe gives cheer to China

  4. The Rare Finds of Beijing Antique Markets Part 1

  5. Kitty Zhang Yuqi covers magazine OK Jingcai

  6. Office workers fight kendo to stay strong

Most Popular

Opinions

  1. Is investment-based stimulus needed?
  2. Guangdong mulls rules to encourage heroism
  3. Commentary: Different kind of stimulus
  4. Africa more attuned to partnership with China
  5. Japan's abstaining from shrine visit positive
  6. A ruling in Europe gives cheer to China
  7. Syrian crisis: clash between foreign powers
  8. Commentary: Banks need new culture
  9. Asian slowdown leaves Europe pondering
  10. Be wary of Japan’s radical acts on Diaoyu

What's happening in China

Rooftop villas are legal, officials say

  1. Pfizer facing possible fines over bribery claim
  2. New generation emerges at Shaolin Temple
  3. China's last emperor's house demolished
  4. Shenzhen ponders bad-behavior law
  5. Liaoning diagnosed 4 with skin anthrax infection

China Features

  1. Green is sustainable power for development
  2. How to remove odor on tableware?
  3. Be aware of air conditioning pollution
  4. People's Daily: World trade faces downside risks
  5. The Untold Stories on China's Sports Field

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai