Reply #78: Is Shenzhen considered "Offshore"?

[Jambalaya]

I have been following UBS and its ties to Shenzhen Bank in China for some time now. What is intriguing is one of the shareholders of Shenzhen Bank-namely Newbridge Capital. Dianne Feinstein's husband,Blum ,is on Board of Directors of Newbridge Capital. UBS has a long history with this Chinese bank. Apparently making some history with Newbridge Capital,also.

Thomson Reuters

UPDATE 1-China's Shenzhen Dev Bank sells 6.5 bln yuan bonds
Mon Mar 24, 2008 9:40am GMT

HONG KONG, March 24 (Reuters) - China's Shenzhen Development Bank 000001.SZ sold 6.5 billion yuan ($922 million) in 10-year bonds, sole underwriter UBS said on Monday, as local currency bond markets remain healthy at a time of global volatility.

The deal marked UBS's (UBSN.VX) first deal in the yuan bond market, which was done via its unit UBS Securities, the investment bank said.

UBS and Goldman Sachs (GS.N) are the only foreign firms with an underwriting licence for Chinese domestic markets, while other global lenders have used joint ventures to crack the country's capital markets.

Shenzhen Development Bank, which is nearly 18 percent owned by U.S. private equity firm Newbridge Capital , sold lower Tier 2 fixed-rate bonds with a 10-year maturity and not callable for five years at a 6.10 percent coupon, UBS Securities said in the statement.....