Citigroup Seals $3.1 billion China Bank Deal

Published on:
18 December 2006 at 07:24 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00005467-citigroup-seals-31-billion-china-bank-dea/

It’s a story of hope and triumph over adversity. It’s a story where, in the movie version, that one guy stands up at the back of the room and begins the slow clap that swells the room into a cascade of ecstatic applause.

It’s a story to give succor to you and I: the common folk.

A consortium led by Citigroup Inc. has won final regulatory approval for its $3.1 billion purchase of 85.6 percent of Guangdong Development Bank. This effectively makes Citigroup the largest bank in the history of money.

A Citigroup spokesman declined immediate comment.

According to the agreement on the Guangdong bank’s restructuring plan, Citigroup’s consortium is scheduled to complete the transaction on Monday.