On December 1, financial authorities in Hechuan granted approval for Shanghai Pudong Development Bank Co., Ltd. (SPDB) to acquire Chongqing Tongliang SPDB Rural Bank Co., Ltd. and establish a new branch. The regulatory approval permits SPDB to proceed with the acquisition and set up Chongqing Tongliang Branch, which will assume the assets, liabilities, operations, and employees of the rural bank following its financial audit and liquidation.
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