The Bank of New York has been appointed by Shanghai Pudong Development Bank (SPDB) as global custodian for its qualified domestic institutional investor (QDII) business in China.
“The QDII investment channel represents a major opportunity for our bank, so we searched for a partner to provide the support and expertise that may help us in our efforts to grow this business,” says Challenge Liu, general manager of custody services at SPDB. “With its global leadership position in the custody industry, The Bank of New York has a highly qualified team of professionals and proven track record to serve our needs.”
Chong Jin Leow, managing director and head of investor services in Asia at The Bank of New York, adds, “QDII will create many opportunities for Shanghai Pudong Development Bank and other Chinese institutions. We have the global infrastructure and expertise to deliver the securities servicing required and look forward to working with Shanghai Pudong Development Bank as it pursues its business objectives.”
Shanghai Pudong Development Bank, which was incorporated in 1993 with the approval of the Peoples Bank of China and listed on the Shanghai Stock Exchange in November 1999, is a nationwide joint-stock commercial bank with its headquarters located in Shanghai.