Shanghai-Based Bank Expands Business Nationwide

The Shanghai Pudong Development Bank has expanded business operation across China, with the recent opening of branches in Shenzhen and Kunming. The share-holding commercial bank, set up in 1993, has opened a dozen of branches and more than 160 business offices in major urban and coastal cities such as Beijing, Chongqing, Hangzhou, Nanjing, Guangzhou and Ningbo.

The bank plans to set up new branches in Tianjin, Chengdu, Xiamen, Fujian, Wuhan and elsewhere this year. It provides a number of financial services including credit card loans, student loans and loans for infrastructure projects in Shanghai and Jiangsu, Sichuan, and Zhejiang Provinces. The bank, which went public last year, has more than 100 billion yuan in assets. It has absorbed over 80 billion yuan worth of saving deposits in both Chinese and foreign currencies and granted loans nearly 55 billion yuan.

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