BEIJING (Reuters) – Silicon Valley Financial institution’s Chinese language three way partnership will change into a completely owned unit of Shanghai Pudong Improvement Financial institution, following approval to vary its identify to Shanghai Innovation Financial institution, a Chinese language monetary regulator mentioned late on Friday.
Silicon Valley Financial institution’s (SVB) collapse final yr was one of many largest in U.S. banking historical past and left its three way partnership with Shanghai Pudong Improvement Financial institution (SPD) – SPD Silicon Valley – within the lurch after no consumers emerged to accumulate SVB’s stake.
In a press release on Friday, the Nationwide Monetary Regulatory Administration’s Shanghai department mentioned it had agreed the financial institution might modify its shareholder ratios in order that SPD holds 100% of the shares and to regulate down the financial institution’s registered capital to the equal of 1 billion yuan ($141 million) from 2 billion.
($1 = 7.0900 renminbi)
