SDB 08 Net Profit Fall 77%.

SHENZHEN, January 20, SinoCast -- US private equity firm Newbridge Capital LLC is scheduled to quit Shenzhen Development Bank (SDB and SZSE: 000001) in 2010. SDB, a city-level commercial lender in China, set aside CNY 5.6 billion provision and wrote off CNY 9.4 billion non- performing loans in the fourth quarter of 2008. It is a move the bank took under the requirement of the China Banking Regulatory Commission (CBRC), the top Chinese banking regulator, Frank N. Newman, chairman with the Shenzhen-traded lender, said in an interview. However, industry experts do not think so. In their opinion, it is a step the US company strategically took to quit the Chinese lender. In order to …