Insiders: The Chinese subsidiary of Silicon Valley Bank may be taken over by Pudong Development Bank

ChainCatcher news, according to the South China Morning Post citing informed sources, the Chinese subsidiary of Silicon Valley Bank may be taken over by its partner Shanghai Pudong Development Bank. Sources say that Pudong Development Bank may buy out the 50% stake in the joint venture held by Silicon Valley Bank, or allow another foreign investor to acquire Silicon Valley Bank's Chinese subsidiary. An official who wished to remain anonymous stated that after the Federal Deposit Insurance Corporation (FDIC) took over Silicon Valley Bank, the Shanghai municipal government and the Banking Regulatory Commission held an emergency meeting over the weekend.