SVB’s China Partner Urges Calm, Says Business Not Affected
- Pudong Development Bank said SVB in healthy, stable operation
- Recent SVB tourmoil won’t affect business of the Chinese bank
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Shanghai Pudong Development Bank Co. said its joint venture in China with Silicon Valley Bank isn’t affected by the turmoil surrounding the US lender, and urged clients to stay calm.
The California bank’s operations and liquidity remain healthy, Shanghai Pudong Development said in a note to clients that was seen by Bloomberg News. The Shanghai- based bank and the joint-venture company didn’t immediately respond to requests for comment.