Citigroup-led group wins stake in Chinese bank
Citigroup Inc. confirmed that a Citigroup-led consortium has been selected to acquire a majority stake in one of China’s biggest regional financial institutions, Guangdong Development Bank.
The consortium will acquire an 85.6% stake in the Chinese bank for 24 billion yuan, or $3.06 billion, Citigroup said.
New York-based Citigroup will hold a 20% stake -- less than the 25% maximum allowed by the Chinese government. IBM Corp. will have a 4.74% share. Chinese companies will hold the remainder of the group’s stake: China Life Insurance Co. and State Grid Corp. will each get 20% stakes, CITIC Trust will hold a 12.85% share and Yangpu Puhua will get 8%.
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