Silicon Valley Bank's Chinese partner buys out stake in joint venture
BEIJING - Silicon Valley Bank's Chinese joint venture will become a wholly owned unit of Shanghai Pudong Development Bank, following approval to change its name to Shanghai Innovation Bank, a Chinese financial regulator said late on Friday.
Silicon Valley Bank's collapse last year was one of the largest in U.S. banking history and left its joint venture with Shanghai Pudong Development Bank - SPD Silicon Valley - in the lurch after no buyers emerged to acquire SVB's stake. In a statement on Friday, the National Financial Regulatory Administration's Shanghai branch said it had agreed the bank could adjust its shareholder ratios so that SPD holds 100% of the shares and to adjust down the bank's registered capital to the equivalent of 1 billion yuan from 2 billion.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.would like to remind you that the data contained in this website is not necessarily real-time nor accurate.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chinese hackers breach US internet firms via Silicon Valley startup, Lumen saysThe state-sponsored Chinese hacking campaign known as Volt Typhoon is exploiting a bug in a Santa Clara-based startup to hack American and Indian internet companies, according to security researche…
Read more »
Silicon Valley Bank's former owner gains approval to end bankruptcySilicon Valley Bank's former owner gains approval to end bankruptcy
Read more »
Meet The Silicon Valley Startup Cashing In On School Phone BansAlexandra S. Levine is a journalist covering technology's impact on society, mainly writing investigations and features about social media, children's safety online and AI. She joined Forbes in 2022.
Read more »
Cupertino: Robert & Michelle King Legal Drama Tackles Silicon ValleyAfter the success of The Good Wife and Evil, Robert King and Michelle King have announced a new next legal drama for CBS, tentatively titled Cupertino. Named after the city in California's Silicon Valley known as the headquarters of Apple, the project is described as a 'David vs. Goliath legal show set in Silicon Valley.
Read more »
'The Good Wife' Creators Are Tackling Silicon Valley in This Twisty New Drama SeriesJulianna Margulies and Archie Panjabi in The Good Wife
Read more »
Thousands celebrate Silicon Valley Pride's 49th year in SJ with all eyes on 2024 electionThousands turned out for a big parade in downtown San Jose. The upcoming presidential election was a big part of the celebration conversation.
Read more »