Middle-east Arab News Opinion | Asharq Al-awsat

Citigroup Wins Bid for China Bank Stake - ASHARQ AL-AWSAT English Archive
Select Page

BEIJING, (AP) – Citigroup Inc., the biggest U.S. financial institution, has won a yearlong bidding war by overseas suitors with a $3.1 billion bid for a majority stake in China’s Guangdong Development Bank, a Citigroup official said Thursday.

Guangdong Development Bank named Citigroup the preferred bidder to buy the stake and operate the mid-sized lender, said Robert Morse, chief executive of Citigroup Corporate Investment banking for Asia.

A consortium led by the U.S. banking giant will pay $3.1 billion for an 85.6 percent stake in Guangdong Development Bank, according to a statement issued at a signing ceremony in Guangzhou, the capital of Guangdong province.

The bank is owned by the Guangdong provincial government.

Citigroup has been competing with a consortium led by Societe Generale SA of France for control of the 500-branch bank.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube