Home>News Center>China
       
 

Citibank seeks 19.9% of Shanghai lender
By Hu Yuanyuan (China Daily)
Updated: 2005-08-26 06:13

Shanghai Pudong Development Bank (SPDB), one of the country's leading joint-stock banks, is considering issuing additional shares valued at US$500 million to Citibank so that the US banking giant can increase its stake to 19.9 per cent, a top manager told China Daily.

FOREIGN BANKSĄŻ STAKES IN CHINA
Citibank wants to raise its stake in Shanghai Pudong Development Bank to 19.9 per cent.
"Citibank does plan to increase its stake in SPDB to 19.9 per cent, but we are still waiting for approval from the China Banking Regulatory Commission (CBRC)," Shen Si, the board secretary of SPDB, said in an interview with China Daily.

He said that co-operation with Citibank was smooth; and that the world's largest financial services provider has the option to raise its stake to 19.9 per cent by 2008 according to their strategic agreement in 2002.

"If everything goes smoothly, we will seal a final agreement with Citigroup on its intended stake expansion by the end of the year," Shen added.

Citibank currently has 4.62 per cent in the Shanghai-based lender while its largest shareholder, Shanghai Financial Bureau, has 8.26 per cent.

Due to the fragmented shareholding structure, Citibank is likely to be the largest shareholder after it raises its stake but Shen is not worried about ceding control.

"It does not imply that Citibank will control us as domestic investors have the controlling stake," Shen added.

Nine of the 10 biggest shareholders are local investors or firms controlled directly or indirectly by the Shanghai government; and together, they have 32.44 per cent of the listed lender.
Page: 12



Leaflets cover floor at a Nanjing medical expo
Chimpanzee suffers from smoking addiction
The tide is high but they're holding on
  Today's Top News     Top China News
 

Taiwan CEO aims to renounce island links

 

   
 

Peace Mission' 05 ends in blaze of glory

 

   
 

No agreement with EU at textile talks

 

   
 

Citibank seeks 19.9% of Shanghai lender

 

   
 

Xinjiang cracks down on terrorist threat

 

   
 

Opinion: House pre-sale ban reconsidered

 

   
  China, Russia wrap up military exercise
   
  Temasek close to buying BOC stake - FT
   
  N. Korea nuclear talks likely as planned
   
  Japan, China to jointly develop 4G mobile
   
  Two bus accidents claim 33, injure 56
   
  NPC debates further raising tax threshold
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  Related Stories  
   
5 killed in raid on West Bank refugee camp
   
5 militants, Jewish man killed in West Bank
   
Temasek close to buying BOC stake - FT
   
Temasek close to buying BOC stake
   
Huaxia Bank Co profit up 44 per cent
   
Troops, extremists face off in West Bank
   
Merchants bank's net beats expectations
  News Talk  
  It is time to prepare for Beijing - 2008  
Advertisement