Shanghai Pudong Development Bank (SPDB) announced Tuesday that it signed an agreement with the US’s Silicon Valley Bank for a joint venture in China, the China Business News reported Wednesday.

According to the statement from the Shanghai-based commercial bank, Silicon Valley Bank will invest no more than 500 million yuan and will hold no more than 50 percent of the venture’s total shares.

The establishment of the joint venture still needs the approval of Chinese and US regulators.

Shares of SPDB closed at 12.79 yuan on Tuesday, up 2.9 percent.

China's business press carried the story above on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.