Silicon Valley Bank’s (SVB) collapse last year was one of the largest in U.S. banking history and left its joint venture with Shanghai Pudong Development Bank (SPD) – SPD Silicon Valley – in the lurch after no buyers emerged to acquire SVB’s stake.
In a statement on Friday, the National Financial Regulatory Administration’s Shanghai branch said it had agreed the bank could adjust its shareholder ratios so that SPD holds 100% of the shares and to adjust down the bank’s registered capital to the equivalent of 1 billion yuan ($141 million) from 2 billion.
($1 = 7.0900 Chinese yuan renminbi)
Source: Economy - investing.com
