From Reuters (link)
China’s banking regulator has told Guangdong’s provincial leaders that it will not bend the rules limiting foreign investment in a Chinese lender, a senior banking official said on Tuesday.
In a litmus test of whether Beijing is willing to relinquish control over the nation’s smaller lenders, a consortium led by Citigroup has asked for a waiver of current ownership rules so it can buy 85 percent of Guangdong Development Bank.
Lai Xiaomin, director-general of the China Banking Regulatory Commission, told Reuters the agency had recently sent a notice to the Guangdong provincial government saying the “GDB case should not break the current rules”.
