Citigroup to Establish China Investment Bank Venture
April 29th, 2008
Citigroup and Central China Securities (CCS) will apply to Chinese regulators to establish an investment joint venture. Having already helped Chinese companies list in Hong Kong, Citigroup’s involvement in the country’s domestic investment banking turns out to be an important expansion.
According the new plan, Citigroup would own the maximum allowable 33% stake in the joint venture, while Central China Securities will own the majority.
Citigroup is taking an active part in China’s commercial and retail banking sectors, where it has began to provide Yuan retail banking services and has a minority stake in Shanghai Pudong Development Bank and an actual management control of Guangdong Development Bank.
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