China Mobile Confirms Acquisition Of 20% Stake In Shanghai Pudong Development Bank

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Chinese telecom operator China Mobile has finally published an official announcement, confirming that it will invest CNY39.8 billion to acquire a 20% stake in Shanghai Pudong Development Bank.

China Mobile Guangdong and SPD Bank have signed an agreement, under which China Mobile Guangdong will conditionally acquire the stake for cash consideration of CNY39.8 billion; while SPD Bank will conditionally issue 2,207,511,410 A shares. On the completion of the acquisition, China Mobile will hold a 20% stake in SPD Bank via its wholly-owned subsidiary, China Mobile Guangdong, making the operator the second largest shareholder of the bank.

Shanghai International Group, with its affiliates, is still the largest shareholder, with a 24.32% in SPD Bank.

China Mobile said SPD Bank's assets, debts, and performance will not be combined with that of C...

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