Citigroup Wins $3.1Billion Deal For China’s GDB – Sundeep Tucker and Mure Dickie

From Financial Times:

A Citigroup-led consortium was on Thursday confirmed as the preferred bidder for Guangdong Development Bank, a struggling lender in southern China which has been subject to a prolonged bidding war.

Citigroup and its partners will pay Rmb24.2bn ($3.1bn) for an 85.6 per cent stake in GDB, which operates 500 branches across China.

A statement said that Citigroup will own 20 per cent of the bank’s shares and its consortium partners will hold the remainder. These include International Business Machines, which will take a 4.74 per cent stake, following its recent decision to join the group.[Full Text]

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