Lender back in the black

GUANGZHOU: Guangdong Development Bank Co Ltd (GDB) reported a record net income of 2.67 billion yuan for last year, marking its return to the black and achieving its best financial results ever, a company source said yesterday.

"We are delighted with last year's results since it was the first year after the introduction of new strategic investors such as China Life, State Grid, CITIC Trust and Citigroup," company President Michael Zink said.

In 2006, China Life bought 20 percent of GDB for 5.67 billion yuan as part of the Citigroup-led consortium's 24.27 billion yuan deal to acquire 85.6 percent of the GDB.