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Wednesday, 8 June 2011, 21:00 HKT/SGT

Source: SPD Bank
SPDB HK Branch Opens, Marking a Substantial Step towards the Bank's Go-global Strategy

HONG KONG, June 8, 2011 - (ACN Newswire) - June 8, 2011 witnessed the official opening of the Hong Kong Branch of Shanghai Pudong Development Bank ("SPDB" or the "Bank"). This is the Bank's first overseas branch, and marks a substantial stride toward SPDB's go-global strategy. Attending the opening ceremony were Ms. Leung Fung Yee, Under Secretary for Financial Services and the Treasury from the Hong Kong SAR Government, Mr. Tu Guangshao, the deputy mayor of Shanghai, and officials from financial regulators as well as personages from all circles both in the Mainland and Hong Kong.

SPDB HK Branch Opens

In the past few years, through prudent operations and aggressive efforts, SPDB has continuously grown the size of its assets, and enhanced its operating strength and core competitiveness, with the aim of going global. With Shanghai doubling its efforts to develop the city into an international financial hub, and increasing communication and interaction in finance, economy and trade between Shanghai and Hong Kong, SPDB has committed itself to the cause by taking concrete actions and actively preparing for upgrading its Hong Kong Representative Office to a local branch. On May 16, 2011, the Bank obtained an approval of its business license for its Hong Kong Branch, the first Hong Kong operating branch established by a Shanghai-based commercial bank.

At the opening ceremony, Mr. Tu Guangshao, the deputy mayor of Shanghai, expressed his confidence that the opening of SPDB Hong Kong Branch would kick off and head a new round of further cooperation between the financial industries in Shanghai and Hong Kong. He hoped that Shanghai's financial institutions could drive the building of the city into a global financial hub by proactively learning from the experience and practices of their Hong Kong counterparts, and that financial cooperation between the two cities could continue to develop further. Though Shanghai and Hong Kong set different orientations for themselves as financial centers, with mutually complementary functions and service targets, the two have one common goal, namely, serving the overall national strategy and boosting China's competitiveness and influence in the global financial arena.

Fu Jianhua, the President of SPDB, said that it was their unswerving strategic goal to build a modern financial service provider with core competitiveness. He added that in the coming five years, the Bank would strive to develop into a flagship enterprise of a financial conglomerate, standing among the large global enterprises and bolstering Shanghai's reputation as an international financial center. To this end, they will spare no effort to improve the international and comprehensive operation strengths. The SPDB Hong Kong Branch will be diligent in learning and developing extensive expertise to capture market share with "new ideas and sincere service", thus providing outstanding financial services for Hong Kong companies, institutions and residents.

SPDB was established in Shanghai in 1993. Since its establishment, the Bank has followed the operation philosophy of "Sticking to Integrity and Striving for Excellence", has striven for customer-oriented innovation, and maintained sound operations, with core competitiveness growing steadily. By the end of 2010, the Bank's total assets exceeded RMB2.19 trillion. Its loan balance in domestic and foreign currencies amounted to RMB1.15 trillion, the balances of various deposits stood at RMB1.64 trillion and after-tax profit amounted to RMB19.18 billion. Currently, the Bank has set up 36 branches and 655 outlets and employs 28,000 people in over 100 major cities of 28 provinces, municipalities, autonomous regions and special administrative regions across the country. The operations and services layout of a national commercial bank has taken shape. Since February 2010 when the Bank was listed for the first time among the top 100 of Top 500 Global Bank Brands issued by British magazine Banker, it has maintained its position with its comprehensive brand value at US$1.836 billion, ranking the 92nd among global banks and the 18th among Asian banks, displaying an excellent and steady brand value.

Wonderful Sky Financial Group Limited

Joanne Chan
Direct Line: +852 3970 2117
E-mail: [email protected]

Koko Ku
Direct Line: +852 3970 2213
E-mail: [email protected]

Echo Hu
Direct Line: +852 3970 2132
E-mail: [email protected]

Wu Chen 
Direct Line: +852 3970 2211
E-mail: [email protected]

Tel: +852 2851 1038
Fax: +852 2815 1352

Source: SPD Bank

Topic: Establishment of New Branch
Sectors: Daily Finance, Daily News
From the Asia Corporate News Network

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