Citi to sell 20% stake in China Guangfa Bank

The $3b sale comes as Basel III rules bite and the US bank refines its China strategy.

Citi to sell 20% stake in China Guangfa Bank

Citigroup has agreed to sell its 20% shareholding in China Guangfa Bank to China Life Insurance for $3 billion, fine-tuning its business in China as the cost of holding stakes in other banks grows.

After a decade-long investment, Citi is selling its Guangfa stake for Rmb6.39 a share, or a total of Rmb19.684 billion, according to a stock exchange filing by China Life on Monday.

The cash deal comes...

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