Shanghai Pudong Development Bank Co Ltd is to raise abou 40 billion yuan ($5.86 billion) from a strategic investor, which is most likely to be China Mobile, Caijing.com.cn reported today.

A banking industry analyst said the bank is to sell about 2.2 billion shares through private offering to China Mobile, which will give it 20 percent of the Shanghai bank.

The bank's shares were suspended Friday, and expected to resume by March 4 at the latest.

At the end of September 2009, the State-owned Shanghai International Group was the bank's largest shareholder, owning 21.16 percent of the bank, according to its financial report for the third quarter that year.