(China) – Citibank has reportedly made an approach to the holder of a 10 percent stake in China’s Shanghai Pudong Development Bank.Citibank’s interest is in two tranches – 1.66 percent of Pudong’s shares from Shanghai Jinqiao Export Processing Zone Development Company and an 8.26 percent stake held by Pudong Bank’s current largest shareholder, a municipal Government investment agency – Shanghai State Asset Management Co.
If both deals close, Citibank becomes the single largest shareholder in Pudong Bank, market valued at 46.4 billion yuan with 261 branches.