Shanghai bank buys HK asset management firm
Updated: 2014-03-06 20:45
By WU YIYAO in Shanghai (chinadaily.com.cn)
|
|||||||||||
Shanghai Pudong Development Bank Co Ltd said on Wednesday night that it has signed agreement to acquire a Hong Kong-based asset management firm for HK$8.5 million ($1.10 million) from companies including AsiaVest Partners Ltd.
In its announcement, the bank said the asset management firm holds licenses for providing investment banking and fund management services.
After closing the acquisition, SPDB will inject funds into the firm and turn it into a cross-border investment and financing service platform, as well as an investment banking business platform, with a focus on serving domestic clients and domestic business expansion, the announcement said.
The Shanghai-based lender said the acquisition will help improve its services in investment banking, one of its five key areas of business.
The other four strategic areas of SPDB are small- and medium-sized enterprise services, wealth management services and mobile financing services.
wuyiyao@chinadaily.com.cn
Related Stories
SPDB pledges financial support to Pingtan 2013-12-16 17:07
SPDB branch opens in Pingtan 2012-12-19 10:49
Today's Top News
Crimea to vote on joining Russia, referendum called
Sarkozy to sue over secret audio
Crackdown only targets terrorists
Medical workers call for harmony
Tech needed to improve air
China wants respect for all Ukrainian ethnic groups
Premier puts the accent on reform
Military spending boost moderate
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Mene slims amid austerity |
Smoke-free two sessions |
Course for reform charted |
Terror attack survivors recount nightmare |
Mandarin or dialect? |
Landing scare grounds homemade planes |