Shanghai Pudong Development Bank (SHA:600000) plans to grant a total of 145 billion yuan in credits to two related parties, according to a Saturday filing on the Shanghai bourse.
The Chinese lender will grant credits worth 120 billion yuan to Guotai Haitong Securities (SHA:601211, HKG:2611), with a term of three years, and a one-year credit amounting to 25 billion to Shanghai Shendi (Group).
Haitong Securities' actual controller is Shanghai International Group, a major shareholder of Shanghai Pudong Development Bank, while Shendi Group is affiliated to Bailian Group, a major shareholder of the lender.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.