Citi Beats ABN, SocGen to Coveted China Bank Buy

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00018265-citi-beats-abn-socgen-to-coveted-china-ba/

By George Chen and Daisy Ku, Reuters

A Citigroup-led consortium has won the right to buy 85 percent of China’s Guangdong Development Bank for $3.2 billion, beating rival groups led by ABN AMRO and Societe Generale, three sources close to the deal said.

The purchase would grant the world’s top financial services company unusually large influence over a single medium-sized Chinese lender, at a time when local interests complain that foreign firms are acquiring stakes in Chinese banks on the cheap.

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