Informed sources: Silicon Valley Bank's Chinese subsidiary may be taken over by Shanghai Pudong Development Bank

According to the South China Morning Post citing people familiar with the matter, the Chinese subsidiary of Silicon Valley Bank may be taken over by its partner Shanghai Pudong Development Bank. Shanghai Pudong Development Bank may buy out SVB's 50% stake in the joint venture or allow another foreign investor to buy SVB's Chinese subsidiary, the sources said. The Shanghai government and China Banking Regulatory Commission held an emergency meeting over the weekend after the Federal Deposit Insurance Corporation (FDIC) took over Silicon Valley Bank, the officials said, speaking on condition of anonymity.