Citigroup, the world’s top financial services firm, has won government approval to proceed with the purchase of 2.3 billion yuan ($277.9 million) of debt from China’s Great Wall Asset Management, the debt clearing firm said on Tuesday.
Approval had been granted by China’s State Development and Reform Commission after Great Wall agreed to sell non-performing loans from its Guangzhou branch in April of this year, the asset management company said in a statement.
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