SPDB eyes support for real economy

THE Shanghai Pudong Development Bank said yesterday it will further its efforts in supporting China’s real economy and offer diversified products and services for different types of enterprise clients.

The Shanghai-based commercial lender said that it has helped around 1,000 domestic enterprises go abroad by assisting their merger and acquisition deals to a total value of 800 billion yuan (US$116.3 billion).

Facing fierce competition and tightened supervision, banks in China have been transforming their business strategies to focus on areas where they have an advantage, while also pursuing sustainable development.

SPDB said that it has been actively engaged in exploring how to better serve its company clients. The bank has now built a comprehensive financial service system to support state-owned enterprises’ assets integration, industrial mergers and acquisitions, and the funding of cross-border mergers and acquisitions.

Last week, SPDB helped Ningbo Jihong Investment close its offer for Grammer, a German company specializing in developing and producing components and systems for automotive interiors.

Ningbo Jihong Investment is the largest shareholder of Ningbo Jifeng Auto Parts, a leading firm in China’s auto parts industry.

To seal the deal, SPDB provided personalized services including consultation, financing and investment advice based on the client’s needs.