On November 28, the Banan Financial Regulatory Bureau issued an approval notice permitting Shanghai Pudong Development Bank Co., Ltd. to acquire Chongqing Banan SPDB Rural Bank Co., Ltd. and establish a Banan branch in Chongqing. The newly established branch will take over the assets, liabilities, business operations, and employees of Chongqing Banan SPDB Rural Bank Co., Ltd. following its liquidation and asset verification.
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