On December 5, the Baoji Supervision Bureau of the National Financial Regulatory Administration approved Shanghai Pudong Development Bank Co., Ltd. (SPDB) to acquire Fufeng SPDB Rural Bank Co., Ltd. and establish a new branch. The approval grants SPDB permission to take over Fufeng SPDB Rural Bank and set up SPDB Baoji Fufeng Sub-branch, which will assume the assets, liabilities, business operations, and employees of Fufeng SPDB Rural Bank after its financial restructuring.
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