Shanghai Pudong Development Bank, branded as Pufa Bank in Chinese and SPD Bank in English, is a city-owned joint-stock

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

. 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 The Shanghai Stock Exchange (, SSE) is a stock exchange based in the city of Shanghai, China. It is one of the three stock exchanges operating independently in mainland China, the others being the Beijing Stock Exchange and the Shenzhen Stock ...

. It became the first shareholding commercial bank to list with both Central Bank and

China Securities Regulatory Commission The China Securities Regulatory Commission (CSRC) is a government agency directly under the State Council of the People's Republic of China. It is the main regulator of the securities industry in China. History Indicative of the role of the C ...

’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).

History

Shanghai Pudong Development Bank partnered with

Silicon Valley Bank Silicon Valley Bank (SVB) is a commercial bank division of First Citizens BancShares. The bank was previously the primary subsidiary of SVB Financial Group, a Public company, publicly traded bank holding company that had offices in 15 U.S. state ...

in 2012 to create a separate Shanghai-based bank to lend to local technology startups. It was the first Sino-American joint venture bank. In 2024, SPD Silicon Valley Bank has been renamed into Shanghai Innovation Bank, 100% owned by SPD Bank. In 2019, it was reported that the bank was under investigation for alleged money laundering and sanctions violations involving the North Korean regime. 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.

Criticism

Misappropriation in Chengdu

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. 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.

Exploiting the image of deceased firefighters for advertising

An advertising campaign by SPD Bank sparked public outrage for exploiting the image of

firefighters A firefighter (or fire fighter or fireman) is a first responder trained in specific emergency response such as firefighting, primarily to control and extinguish fires and respond to emergencies such as hazardous material incidents, medical in ...

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

References

External links

* {{authority control Companies in the CSI 100 Index Companies listed on the Shanghai Stock Exchange Companies in the FTSE China A50 Index Banks established in 1993 Banks based in Shanghai Government-owned banks of China 1993 establishments in Shanghai