Banking News
- Citigroup, Pudong to start stake talks
Date: 28-Dec-2006 Sources: (Shenzhen Daily)
CITIGROUP Inc. will start talks on increasing its stake in Shanghai Pudong Development Bank Co. at the beginning of next year, the Shanghai Securities News reported yesterday.
Citigroup has agreed to increase its stake in the Shanghai-listed bank to 19.9 percent by the end of 2008, from 3.78 percent now, the report said. Under current rules, a single foreign investor is limited to holding less than 20 percent of a domestic bank, and total foreign ownership is capped at 25 percent.
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