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.
If both deals close, Citibank becomes the single largest shareholder in Pudong Bank, market valued at 46.4 billion yuan with 261 branches.
Subscribe