China's first bank for technological innovation opens
时间：2012-08-16 05:35:10
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SHANGHAI, Aug. 15 (Xinhua) -- China's first bank for technological1 innovation, a result of joint2 investment by Shanghai Pudong Development Bank (SPDB) and America's Silicon3 Valley Bank (SVB), opened in Shanghai on Wednesday.
With a 1-billion-yuan (about 157 million U.S. dollars) investment, and each side holding 50 percent of shares, the SPD Silicon Valley Bank is the first joint venture bank since 1997 to win
authorization4 by the country's
Banking5 Regulatory Commission.
Yu Zhengsheng, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and secretary of the Shanghai Municipal Committee of the CPC, inaugurated the bank on Wednesday morning.
The facility combines Shanghai's excellent financial resources and overseas financial services, said Tu Guangshao,
vice6 mayor of Shanghai.
Fu Jianhua, former vice board chairman and vice president of SPDB serves as board chairman of the new bank, while
Ken7 Wilcox, board chairman of the SVB serves as its president.
The SPD Silicon Valley Bank will mainly focus on business in Shanghai and then explore more
high-tech8 cities in China, said Fu, emphasizing its offering of services for
innovative9 enterprises.
Shanghai Pudong Development Bank, a nationwide joint-stock commercial bank, founded in 1992, now has a registered capital of 18.653 billion yuan.
Silicon Valley Bank, founded in 1983 and headquartered in Santa Clara, California, serves clients around the world through 27 U.S. offices and three international operations.
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