Citigroup has won GDB battle: state media
2 November 2006
Citigroup may have been cleared to buy a stake in Guangdong Development Bank, AFP reported quoting state media. The deal would signal a victory for the US banking giant over France's Societe Generale. The bank, with its wholly owned subsidiary Associates First Capital would acquire up to 25% of the struggling Guangdong lender. "Citigroup and GBD are expected to sign an agreement to finalize the acquisition, which has been approved by the China Banking Regulatory Commission," Xinhua reported, quoting an inside source with knowledge of the deal. This is the second time in as many months state media reports say regulators have approved the deal with Citigroup. Societe Generale has, so far, denied them.