Shanghai Pudong Development Bank sets up branch in Wuhu

Shanghai Pudong Development Bank, one of China's leading joint-stock lenders partly owned by Citigroup, has won regulatory approval from the China Banking Regulatory Commission (CBRC) to upgrade its Wuhu sub-branch to a branch bank in the city, as per industry sources.

The move aims to further expand Pudong Development Bank's business in the city, improve its financial service standards, and provide more financial support to the local economic development.

Founded in March, 2000, the bank's Wuhu sub-branch realized lots of business accomplishment. As of end-June this year, its overall assets amounted to RMB 4.03 billion.

The Wuhu branch has inked several agreements to provide loans to the local enterprises, including RMB 1 billion credit to the country's home-grown Chery Automotive Co. Ltd and RMB 800 million to a sewerage company located in South of the city.