SPD Bank Issues RMB 40 Billion in Bonds Within a Week as 58-Year-Old Zhang Weizhong Drives Transformation

Zhang Weizhong's schedule has been packed lately.

As the leader of Shanghai Pudong Development Bank Co.,Ltd. (浦发银行), Zhang has been actively engaging in exchanges, forums, and strategic partnership signings across regions. His primary mission? Advancing tech finance.

At the 2025 Bund Summit, Zhang emphasized positioning tech finance as the bank’s top strategic priority in its digital transformation. On November 4, he led a delegation to Tsinghua University to discuss collaboration in fintech and tech finance. Three days later, at the Shanghai State-Owned Enterprises High-Level Open Cooperation Summit during the 8th China International Import Expo, he highlighted the accelerating trend of technological innovation.

Currently, SPD Bank has established 510 tech-focused branches across 12 key provinces and launched specialized products like "Puchuang Loan," "Putou Loan," "Pulian Loan," and "Puxin Loan." Zhang’s push for tech finance aims to elevate the bank’s profile and unlock new growth avenues.

With a background at Liaoning Normal University and later China Construction Bank, where he gained expertise in corporate banking, risk management, and inclusive finance, Zhang joined SPD Bank in 2023. His appointment as chairman in early 2024 came amid declining profits and internal management turbulence, sparking market expectations for a turnaround.

Under his leadership, SPD Bank has seen improved profitability and stabilized its executive team. However, challenges remain:

1. **Regaining Top-Three Position**: Once the second-largest joint-stock bank by assets, SPD Bank has slipped in rankings. By Q3 2025, it and China CITIC Bank were neck-and-neck nearing RMB 10 trillion in assets—SPD at RMB 9.8922 trillion versus CITIC’s RMB 9.8981 trillion.

2. **Revenue Growth Pressure**: SPD’s revenue growth turned negative for four consecutive years (2021–2024). While Q1–Q3 2025 saw a 1.88% YoY increase to RMB 132.28 billion, Q3 growth slowed to 0.31%, making Q4 critical for annual positive growth.

3. **Corporate Banking Slowdown**: Corporate loans (including bills and business loans) grew 6.38% YoY to RMB 4.0414 trillion by Q3, down from 9.13% in H1. Shifting reporting metrics—from excluding discounts to including business loans—further complicates comparisons.

4. **Capital Adequacy Concerns**: The bank’s core Tier 1 capital ratio dipped to 8.87% by Q3 2025, below CITIC’s 9.59%. To bolster capital, SPD issued RMB 20 billion in Tier 2 bonds on November 19 and another RMB 20 billion in green bonds on November 13, totaling RMB 40 billion in a week.

At 58, Zhang is determined to steer SPD Bank toward renewed prominence—but the road ahead demands strategic execution amid stiff competition.