16 September 2019

Shanghai Int’l Port ups stake in Bank of Shanghai, website says

Shanghai International Port Group Co. Ltd (600018.CN) has partnered with the Bank of Shanghai to set up of a new financial leasing venture in the Shanghai free trade zone, the 21st Century Business Herald reported Monday, citing bank governor Jin Yu. Shanghai International Port splashed out nearly 4.6 billion yuan (US$760.72 million) to buy Bank of Shanghai shares at 13.9 yuan per share via a private placement. Sources close to the two companies said Shanghai International Port is seeking a seat on Bank of Shanghai’s board of directors. China’s financial leasing industry could double in value to 3 trillion yuan this year, with the top 10 firms expected to be run by banks, according to a report by Guotai Junan Securities Co., Ltd. 

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