Regional player enjoys taste of splendour

PUBLISHED : Thursday, 25 June, 1998, 12:00am
UPDATED : Thursday, 25 June, 1998, 12:00am

The Pudong Development Bank has moved its headquarters officially to one of the most splendid buildings on the Shanghai Bund, that formerly occupied by the Hongkong and Shanghai Bank.

The regional bank's first day of business in the new location on Tuesday included granting loans of 550 million yuan (about HK$511.66 million) for an oil tank farm project at Pudong airport and the Tianjin road project, Xinhua reported.

The bank also re-lent US$45.1 million in foreign government loans and export loans for a Huangpu River tunnel and an environmental protection project in the Pudong New Area.

The building, built in 1923, was the headquarters of the Shanghai municipal people's government after 1949. The government office was moved in June 1995.

The Shanghai government originally wanted Hongkong Bank to return to its old headquarters, but the bank reportedly balked at the high asking price and costs of modernisation.