Mid-Sized Chinese Bank Writes Off Almost $1 Billion of AssetsBloomberg News
Shanghai Pudong Development Bank Co. said its board approved writing off 6.46 billion yuan ($968 million) of assets.
The lender didn’t details the assets, in a statement to Shanghai’s stock exchange. A spokeswoman said the bank couldn’t comment beyond the statement.
The bank said it will keep pursuing debts where it has the right of recourse. The board also approved a revision to management rules for bad-asset transfers, the lender said, without being more specific.
— With assistance by Penny Peng