Citigroup to raise China bank stake

    SHANGHAI: Citigroup Inc has agreed to quadruple its stake in Shanghai Pudong Development Bank Co to the maximum permitted, in return for the chance to invest in other Chinese lenders. The purchase, which will increase Citigroup"s stake to 19.9% from 4.6%, may cost the US lender as much as US$878mil, based on the latest price and number of outstanding shares. Pudong, which has 335 branches nationwide, gave no price details in a statement to the stock exchange announcing the move. Citigroup is leading a bid of about US$2.7bil for 85% of Guangdong Development Bank. Citigroup will add a nice network from Guangdong Development Bank and its ties with Pudong Bank will strengthen

Source: Bloomberg

    http://biz.thestar.com.my/news/story.asp?file=/2005/12/28/business/12970256&sec=business

花旗集团将增加在中国的银行的股份

    上海：花旗集团同意在最大许可的范围内增加在上海浦东发展银行的股份，达到原来股份的四倍，作为回报，它将得到投资于其它内地银行的机会。这次收购将使花旗集团在浦发的股份从4.6％上升到19.9％，为此花旗根据最新的价格和收购的股票数量，投资了8.78亿美元。浦东发展银行在全国拥有335个分支机构，它在证券交易的公告中关于此次事件并美元透露价格的细节。花旗集团在广发银行以27亿美元出让85％股权的招标中也占据领先地位。花旗集团将增加广发银行的良好网络，同时增强与浦发银行(行情,论坛)的联系。