citigroup sells china guangfa stake for 3bn
Last Updated : GMT 03:43:18
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*

citigroup sells china guangfa stake for 3bn citigroup sells china guangfa stake for 3bn

 



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*

citigroup sells china guangfa stake for 3bn citigroup sells china guangfa stake for 3bn

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Ayten Amer happy for “The Flood” success

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success
Arab Today, arab today Unloved vultures fight for their survival

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 08:21 2017 Tuesday ,14 November

Nelly Karim focuses on humanitarian roles

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 13:40 2017 Monday ,13 November

Pollution spikes in Delhi amid warnings

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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