Shanghai Bank Opens Representative Office in Hong Kong
SHANGHAI, January 21 (Xinhua) -- The Pudong Development Bank of Shanghai announced Monday the official opening of its representative office in Hong Kong, with the approval of the People's Bank of China and the Hong Kong Monetary Authority.A senior official with the Shanghai bank said that the Hong Kong branch will enable it to offer more convenient financial and retail services to clients in Hong Kong and elsewhere.
Insiders here hailed the opening as a major step of Shanghai's financial sector in its reform and opening-up following China's entry into the World Trade Organization. The action will further strengthen economic cooperation between Shanghai and Hong Kong.
Headquartered in Shanghai, the Pudong Development Bank is one of China's few listed banks and its total assets stands at 180 billion yuan (about 22 billion U.S. dollars).
The latest issue of Fortune magazine ranked it as the only bank on the Chinese mainland among the top 100 Chinese listed companies.
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