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Shanghai Pudong Development Bank to write off 6.46B yuan of assets

ShanghaiPudong Development Bank Co. Ltd. will write off 6.46 billion Chineseyuan of assets, Bloomberg News reported Sept. 28, citing a statement toShanghai's stock exchange.

The bank did not give details about the assets it will writeoff.

The board also approved changing management rules forbad-asset transfers, the bank said.

A representative for Shanghai Pudong Bank did not commentbeyond the statement.

As of Sept. 28, US$1was equivalent to 6.68 Chinese yuan.