Pudong Development Bank approves major connected party credit lines

Shanghai Pudong Development Bank (SPD Bank) has announced the approval of considerable comprehensive credit lines for its connected parties, totaling over RMB 1,098.92 bn and HK$ 135.01 bn. China Cinda Asset Management Co., Ltd. (Cinda Asset Group) received an RMB 1,098.92 bn credit line with a three-year validity. Concurrently, Bailian Group Co., Ltd. was granted an RMB 160 bn credit line for one year.

Further credit approvals include RMB 275 bn for SPDB Financial Leasing Co., Ltd. (SPDB Financial Leasing), valid until November 17, 2026, and RMB 148.7 bn for SPDB Wealth Management Co., Ltd. (SPDB Wealth Management) until September 30, 2026. Additionally, SPDB International Holdings Ltd. (SPDB International) was approved for a HK$ 135.01 bn credit line, effective until December 2, 2026. These transactions were reviewed and approved by the company's board of directors, with the Cinda Asset Group transaction requiring shareholder approval due to its significant value.

The bank's independent directors have affirmed that these connected transactions align with regulatory requirements and internal company statutes, are fair, and do not prejudice the legitimate interests of other shareholders. The credit facilities are standard banking operations and are not expected to materially impact SPD Bank's ongoing operations, profitability, or asset position.