Shanghai Pudong Development Bank is planning to acquire 97.3% stake in Chinese investment firm Shanghai International Trust for CNY16.4bn ($2.6bn).
To finance the transaction, Pudong Bank will sell 999.5 million shares at CNY16.36 each to 11 shareholders, including Shanghai International Group, which owns the bank and the trust, the bank said in a filing with Shanghai stock exchange.
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Shanghai Pudong Development Bank expects the deal to aid it in diversifying its business and bolster its competitiveness in the Chinese market.
Shanghai International Group, with CNY1.8tn of assets under management, is a Chinese state-owned financial holding group engaged in commercial banking, investment banking, mutual fund, insurance, private equity, trust and assets management activities.
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