China bank regulator reaffirms foreign stake caps – Reuters

From Reuters (link)

China’s banking regulator has told Guangdong’s provincial leaders that it will not bend the rules limiting foreign in a Chinese lender, a senior banking official said on Tuesday.

In a litmus test of whether 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 saying the “GDB case should not break the current rules”.

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