BEIJING, Aug 31 (Reuters) – Silicon Valley Financial institution’s Chinese language three way partnership will turn out to be an entirely owned unit of Shanghai Pudong Growth Financial institution, following approval to alter its identify to Shanghai Innovation Financial institution, a Chinese language monetary regulator stated late on Friday.
Silicon Valley Financial institution’s (SVB) collapse final 12 months was one of many largest in U.S. banking historical past and left its three way partnership with Shanghai Pudong Growth Financial institution (SPD) – SPD Silicon Valley – within the lurch after no consumers emerged to accumulate SVB’s stake.
In an announcement on Friday, the Nationwide Monetary Regulatory Administration’s Shanghai department stated it had agreed the financial institution may modify its shareholder ratios in order that SPD holds 100% of the shares and to regulate down the financial institution’s registered capital to the equal of 1 billion yuan ($141 million) from 2 billion.
($1 = 7.0900 Chinese language yuan renminbi)
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Reporting by Joe Money; Modifying by Stephen Coates
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