The report, citing sources within Shanghai's State-owned assets watchdog, said the lender has already received the green light from regulators to purchase Shanghai International Trust.
Both the lender and the trust company belong to the Shanghai International Group, whose major functions include investment holding, capital operation, and State-owned assets management.
Share price of SPDB closed on Friday at 8.99 yuan ($1.47), up 1.7 percent.
The lender's public relations department said they will not comment on the reported deal.
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