China's Guangdong Development Bank accepts Citigroup-led bid

11/16/2006 | Wall Street Journal, The

Despite safeguards put in place to thwart attempts by foreign companies to outright buy banks in China, Citigroup announced it would pay $3.1 billion to acquire 85.6% of China's Guangdong Development Bank. Chinese authorities have been relaxing rules that open the door for foreign companies to have more control in China-based banks.

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Wall Street Journal, The

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