Reported about 1 month ago
Silicon Valley Bank's Chinese joint venture is now fully owned by Shanghai Pudong Development Bank, following the approval to change its name to Shanghai Innovation Bank. This development comes after SVB's collapse last year, impacting the joint venture that struggled to find a buyer for SVB's stake. The National Financial Regulatory Administration confirmed the adjustment of shareholder ratios, granting SPD complete control and reducing the bank's registered capital to 1 billion yuan.
Source: YAHOO