US$3b stake deal
Print Edition
CITIGROUP is said to sell 20 percent of its stake in China Guangfa Bank to China Life Insurance Co, aiming the “simplification of Citi” and “to focus resources in China to grow core franchise further.”
The deal is worth about US$3 billion, The Wall Street Journal said yesterday without citing the source, while a Citigroup spokesman declined to comment.
The New York-based bank bought its holding in Guangfa Bank as part of a consortium of investors brought in to the Chinese lender in 2006.
The bank is selling the stake after the Chinese lender quit the initial public offering in Hong Kong following the stock market slump since last June.
China Life Insurance, the country’s biggest insurance firm, is already an investor in Guangfa Bank.
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