NewChina’s Pudong Development Bank to buy Shanghai Trust for 16.4 billion yuan

Shanghai Pudong Development Bank will buy 97.3 per cent of Shanghai Trust for 16.4 billion yuan, the bank said in a filing to the Shanghai Stock Exchange on Tuesday.

The bank and the trust are held by the city’s investment manager Shanghai International Group. The bank will issue 999.5 million shares for 16.36 yuan each to the group and 10 other shareholders in the trust.

Pudong Development Bank said in the filing that the purchase would help it diversify its business. Trading in the bank’s shares was suspended last week.