Shanghai Pudong Development Bank announces related party transactions

Shanghai Pudong Development Bank (SSE:600000) announced plans for significant related party transactions, requiring shareholder approval. The transactions involve granting comprehensive credit lines of CNY120 billion to Guotai Junan Securities and CNY25 billion to Shanghai Shendi Group. Guotai Junan Securities is classified as a related party due to its affiliation with Shanghai International Group, a major shareholder of Shanghai Pudong Development Bank. The credit facility for Guotai Junan requires shareholder approval due to exceeding 5% of the bank's audited net assets. The Shanghai Shendi Group is classified as a related party because it is affiliated with Bailian Group, a main shareholder of SPDB. The company's board approved revisions to company rules, including revisions of the articles of association as well as the meetings of shareholders and board of directors. The 2024 annual meeting of shareholders is scheduled for June 27. Guotai Junan Securities must recuse itself from voting on related items.