Shanghai Innovation Bank: A New Chapter in China's Financial Sector

China's financial regulator has approved the name change of SPD Silicon Valley Bank to Shanghai Innovation Bank. Additionally, the registered capital of the bank will be adjusted to 1 billion yuan ($141.07 million). Shanghai Innovation Bank will become a wholly-owned unit of Shanghai Pudong Development Bank.

In a significant move within China's financial sector, the financial regulator has approved renaming SPD Silicon Valley Bank to Shanghai Innovation Bank.

Furthermore, the newly named Shanghai Innovation Bank will see its registered capital revised to 1 billion yuan, equivalent to $141.07 million.

The bank is set to become a wholly-owned subsidiary of Shanghai Pudong Development Bank, reinforcing its strategic corporate alignment.

(With inputs from agencies.)