Citigroup Plans to Up Stake in Pudong Development Bank

There's no reason to become alarmed, and we hope you enjoy the rest of your flight. By the way, is there anyone on board who knows how to fly a plane? Your position:Home->china news-> Citigroup Plans to Up Stake in Pudong Development Bank Citigroup intends to increase its stake in China's Pudong Development Bank, Richard Stanley, CEO of Citigroup China, said on Wednesday. Stanley was reported by China Securities Journal on Thursday that Citigroup was in discussions with the Shanghai-based Pudong Development Bank on increasing its share-holding later this year. However, Shen Si, secretary of the board of Pudong Development Bank, told Xinhua that the domestically-listed bank had not yet been contacted by Citigroup China about the issue. Shen declined to comment further. According to the China Securities Journal report, Stanley also said that Citigroup was keen to take part in China's capital market. Citigroup China was negotiating with many securities firms on possible partnerships, but it had no specific goal at the present time, he said. He said such partnerships relied on whether the local industry watchdog would permit Citigroup to establish a joint-venture securities firm with a local partner. Stanley said one of the most important tasks for Citigroup China this year is to incorporate a local bank. "If the China Banking Regulatory Commission approves it, Citigroup will launch another branch on the Chinese mainland in April," Stanley said. Meanwhile, this year Citigroup China will open more business outlets and expand its workforce to 4,000 people on the mainland, according to Stanley. Citigroup now holds a 19.9 percent-stake in Pudong Development Bank. (Xinhua News Agency March 15, 2007) Contact Us-------------------------------------ddpcn.com * Required information Full Name: * Your Email: * Message:* Preview:China on the Right Trac      Next:Ping An Insurance Expec Listed Huaxia Bank Net Profit Up Consumers Complain via Short Messages Bank of Beijing Plans to Go Public in 2007 Corporate Goods Prices Rise in February Ping An Insurance Expects 50% Profit Rise in 2006 China on the Right Track Toward Green Growth Intel to Build US$2.5 Bln Facility in NE China Nearly 31 Bln Yuan Misused: NAO China to Match ROK in Shipbuilding Orders City Clusters for Future Growth, Researcher Says