On December 22, the financial regulatory authority of Henan province approved Shanghai Pudong Development Bank Co., Ltd.'s acquisition of Gongyi SPDB Rural Bank Co., Ltd. and the establishment of a branch. The approval grants Shanghai Pudong Development Bank the right to acquire Gongyi SPDB Rural Bank and set up a Zhengzhou Gongyi branch under its name. The new branch will take over all assets, liabilities, businesses, employees, and related rights and obligations of Gongyi SPDB Rural Bank after its financial restructuring.
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