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Shanghai Pudong Development Bank

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Shanghai Pudong Development Bank Co. Ltd
Native name
上海浦东发展银行
Company typePublic company; State-owned enterprise
SSE: 600000
IndustryBanking, finance
Founded9 January 1993; 31 years ago (1993-01-09)
HeadquartersShanghai, China
Key people
Gao Guofu (Chairman)
Zhu Yuchen (President)
ProductsFinancial services
Websitewww.spdb.com.cn Edit this at Wikidata
Shanghai Pudong Development Bank
Chinese上海浦东发展银行
Hanyu PinyinShànghǎi Pǔdōng Fāzhǎn Yínháng
Transcriptions
Standard Mandarin
Hanyu PinyinShànghǎi Pǔdōng Fāzhǎn Yínháng

Shanghai Pudong Development Bank, branded as Pufa Bank in Chinese and SPD Bank in English, is a city-owned joint-stock commercial bank. It was established in 1993 and owned by the Shanghai Municipal Government.

Shanghai Pudong Development Bank issued a 400 million A-share offer on 23 September 1993, on the Shanghai Stock Exchange. It became the first shareholding commercial bank to list with both Central Bank and China Securities Regulatory Commission’s approval since the enactment of "Commercial Bank Law" and "Securities Law". The registered capital reached RMB 2.41 billion. 320 million shares of the issue were listed on the Shanghai Stock Exchange on 10 November 1999 (stock code 600000).[1]

History

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Pufa Tower, the Shanghai branch of SPDB, Pudong, Shanghai

Shanghai Pudong Development Bank partnered with Silicon Valley Bank in 2012 to create a separate Shanghai-based bank to lend to local technology startups.[2] It was the first Sino-American joint venture bank.[3]

In 2019, it was reported that the bank was under investigation for alleged money laundering and sanctions violations involving the North Korean regime.[4][5] The bank allegedly moved money for the Foreign Trade Bank of the Democratic People's Republic of Korea that was used to finance the country's nuclear and ballistic missile programs.[6]

Criticism

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Misappropriation in Chengdu

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In April 2017, news broke that the Chengdu branch of Shanghai Pudong Development Bank (SPD Bank) was involved in a massive bad debt scandal amounting to hundreds of billions of yuan. This money was allegedly manipulated by four individuals through over 2,000 shell companies.[7] Although SPD Bank initially denied any wrongdoing, it later admitted to irregularities at the branch. The Chengdu branch manager subsequently retired and was replaced by the manager of the Kunming branch.[8]

Exploiting the image of deceased firefighters for advertising

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An advertising campaign by SPD Bank sparked public outrage for exploiting the image of firefighters who died in the Liangshan forest fire to promote a credit card debt exemption service.[9] Specifically, on the evening of April 2, 2019, SPD Bank's credit card center posted a poster stating "Exemption of outstanding credit card debts of martyrs in the Liangshan fire."[10][11] This act was strongly condemned for being disrespectful to the sacrifice of the firefighters. By the afternoon of April 3, SPD Bank had to publicly apologize and request the removal of the image.[12]

References

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  1. ^ Shanghai Pudong Development Bank Archived 4 November 2007 at the Wayback Machine
  2. ^ Muncaster, Phil (20 August 2012). "Silicon Valley comes to China to spur tech innovation". The Register. Archived from the original on 26 September 2017. Retrieved 11 September 2017.
  3. ^ "Silicon Valley Bank's China venture says operations 'sound'". Nikkei Asia. Archived from the original on 12 March 2023. Retrieved 12 March 2023.
  4. ^ Hsu, Spencer (24 June 2019). "Chinese bank involved in probe on North Korean sanctions and money laundering faces financial 'death penalty'". Washington Post. Archived from the original on 27 June 2019. Retrieved 29 June 2019.
  5. ^ Wolfe, Jan; Brunnstrom, David (31 July 2019). "U.S. appeals court upholds ruling against Chinese banks in North Korea sanctions probe". Reuters. Archived from the original on 12 August 2019. Retrieved 12 August 2019.
  6. ^ Hsu, Spencer (25 June 2019). "Chinese banks respond to report of U.S. subpoena battle in North Korea sanctions probe". Washington Post. Archived from the original on 29 June 2019. Retrieved 29 June 2019.
  7. ^ "独家|浦发成都分行违规事件还原 借壳公司腾挪风险资产". finance.caixin.com. Retrieved 10 October 2024.
  8. ^ "浦发银行回应成都分行"千亿资金"事件:客户权益未受影响" (in Chinese (China)). Retrieved 10 October 2024.
  9. ^ "用凉山火灾烈士姓名做广告 浦发信用卡致歉：将严肃追责". www.peopleapp.com (in Chinese). Retrieved 10 October 2024.
  10. ^ 北京青年报 (3 April 2019). "Vanilla gift balance". news.sina.com.cn. Retrieved 10 October 2024.
  11. ^ "用凉山火灾烈士姓名做广告 浦发信用卡致歉：将严肃追责-新闻中心-中国宁波网". news.cnnb.com.cn. Retrieved 10 October 2024.
  12. ^ 北京青年报 (3 April 2019). "被指借凉山牺牲英雄发广告 浦发银行道歉". news.sina.com.cn. Retrieved 10 October 2024.
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