Shanghai Pudong Development Bank (600000.SH) said on Friday that its planned acquisition of Shanghai Trust has been approved by the China Securities Regulatory Commission (CSRC). SPD Bank announced a plan to purchase a 97.33 percent stake in Shanghai Trust for 16.35 billion yuan in June. The lender will issue nearly 1 billion shares in private placement to fund the purchase. Upon the completion of the acquisition, SPD Bank will become China's fourth commercial bank to own a trust license.
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