Saturday, December 31, 2005

Banking: Citigroup's reported $3 billion bid for stake in China's Guangdong Development Bank

According to a Chinese magazine, a consortium led by Citigroup Inc. has bid $3 billion for a stake in China's Guangdong Development Bank. If the offer succeeds it would be one of China's biggest foreign acquisitions. At the time of writing this post neither Citibank or Guangdong Development Bank's spokeswoman, would confirm the offer.

Other bids include Societe Generale SA and Ping An Insurance (Group) Co.