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Citi chasing a slice of Pudong?

Citi chasing a slice of Pudong?

(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.

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