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SPD Bank plans to set up asset investment company

May 29, 2020


Abstract : The Shanghai Pudong Development (SPD) Bank announced on Thursday that it planned to invest 10 billion yuan in the establishment of an asset investment company (AIC).

BEIJING, May 29 (Xinhua) --The Shanghai Pudong Development (SPD) Bank announced on Thursday that it planned to set up an asset investment company (AIC) with a total investment of 10 billion yuan.

So far, five Chinese state-owned commercial banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications, have set up AICs.

According to a statement issued by the China Banking and Insurance Regulatory Commission recently, AICs can set up investment plans in market-oriented debt-to-equity assets including convertible bonds, debt-to-equity special bonds, ordinary shares, preferred shares and debt-to-preferred shares.

In the first three months, the lender saw its net profit rise 5.48 percent year on year to 17.36 billion yuan.

(Edited by Yang Yifan with Xinhua Silk Road, yangyifan@xinhua.org)

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Keyword: AIC

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