SPDB considers buying controlling stake in trust firm

Shanghai Pudong Development Bank said late Monday night that it's considering the purchase of a controlling stake in a trust company from its parent, as it develops its transformation into a comprehensive financial group.

The trust company, Shanghai International Trust Co Ltd, is now controlled by the bank's parent company, Shanghai International Group, which is a holding company of the Shanghai government for stakes in State-owned enterprises in the city.

Shanghai Pudong Development Bank said in a statement to the Shanghai Stock Exchange that a deal is being studied. No further information was provided. Trading of the bank's shares in Shanghai was suspended on Monday following the announcement.