Arab Today, arab today citigroup sells china guangfa stake for 3bn
Last Updated : GMT 02:09:49
Arab Today, arab today
Arab Today, arab today

Citigroup sells China Guangfa stake for $3bn

Arab Today, arab today

Arab Today, arab today Citigroup sells China Guangfa stake for $3bn

Citigroup is to sell its 20% in China Guangfa Bank
New York - AFP

US bank Citigroup announced Monday it would sell its 20 percent stake in China Guangfa Bank to China Life Insurance Company as it focuses on its own franchise in China.

Citigroup sold the stake to China Life for $3 billion, said a person close to the matter, confirming a figure in The Wall Street Journal. A Citigroup statement did not disclose the terms of the transaction.

The move marks a shift from Citigroup's strategy in 2006, when it successfully fended off a rival bid from France's Societe Generale and bought the China Guangfa stake for $620 million.

Citigroup continues to view China as "one of our highest priority markets around the world," said Francisco Aristeguieta, chief executive of Citi Asia Pacific, in the statement.

Citigroup locally incorporated in China in 2007 and now operates in 13 cities in the country.

"This transaction is consistent with the simplification of Citi and allows us to focus our resources in China on growing our core franchise further," Aristeguieta said.

"We employ more than 8,000 people in China and work closely with a targeted set of clients across both consumer and institutional banking."

Citigroup has cut back significantly in some other international markets. On February 19, it announced plans to sell consumer businesses in Argentina, Brazil and Colombia, adding that it would focus on institutional and corporate clients in these markets.

The transaction is expected to close in the second half of 2016, following regulatory approvals.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today citigroup sells china guangfa stake for 3bn Arab Today, arab today citigroup sells china guangfa stake for 3bn

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today citigroup sells china guangfa stake for 3bn Arab Today, arab today citigroup sells china guangfa stake for 3bn

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday