Shanghai lender reportedly to buy trust company

Shanghai Pudong Development Bank Co Ltd, the listed State-owned lender, will be suspended from trading as of March 17 in reported preparation to acquire Shanghai International Trust Co Ltd, China Business Daily reported on Monday.

The report, citing sources within Shanghai's State-owned assets watchdog, said the lender has already received the green light from regulators to purchase Shanghai International Trust.

Both the lender and the trust company belong to the Shanghai International Group, whose major functions include investment holding, capital operation, and State-owned assets management.

Share price of SPDB closed on Friday at 8.99 yuan ($1.47), up 1.7 percent.

The lender's public relations department said they will not comment on the reported deal.