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The world's biggest bank, Citigroup, has won the right to buy a stake in China's Guangdong Development Bank (GDB) after a lengthy battle with French bank Societe Generale and China's second largest insurer Ping An Group.

 

Citigroup and GDB are expected to sign an agreement to finalize the acquisition which has been approved by the China Banking Regulatory Commission, an insider told Xinhua on Wednesday.

 

The source confirmed that the New York-based financial group, together with its wholly-owned subsidiary Associates First Capital, would secure a share of no more than 25 percent in GDB.

 

"The 25 percent cap set by China's banking authorities on foreign holdings in Chinese lenders is unbroken," said the insider. The source declined to reveal the exact share Citigroup has been permitted to hold and the value of the successful offer.

 

To protect the domestic banking industry the China Banking Regulatory Commission stipulates that a single foreign bank can hold a maximum stake of 20 percent in a Chinese lender and imposes a 25 percent cap on all foreign holdings for such deals.

 

Analyst Gu Junlei, of Oriental Securities, said it was "good news" for GDB to bring in an international banking heavyweight.

 

Societe Generale and Ping An Group have yet to comment.

 

The bidding for GDB was made public when Citigroup was reported earlier last year to be seeking a 40 percent stake as part of a consortium that would take 85 percent of the bank.

 

On December 28, Citigroup submitted an offer of 24.1 billion yuan (US$3.01 billion), Societe Generale bid 23.5 billion yuan (US$2.94 billion) and Ping An 22.6 billion yuan (US$2.83 billion) for an 85-percent stake in GDB.

 

But they had to revise their bids after banking rules issued in May imposed the foreign ownership restrictions.
 

Citigroup, with offices in more than 100 countries, last year posted $2.7 billion in profits from its international consumer business. This year they opened 574 bank and consumer-finance branches mostly in countries with fast-growing economies like India. Only British bank HSBC and GE Capital come close to matching its size.

 

(Xinhua News Agency November 2, 2006)