Citibank beats out Societe Generale for Guangdong bank
(AFP)
Updated: 2006-09-13 11:09 Societe Generale's chief of communications for the Asia-Pacific region,
Laurent Tison, said the bank had not been advised of any decision, adding that
he would be surprised if a final selection had been made at this stage.
Both groups had been counting on the government to make an exception in
state-mandated stake restrictions that limit foreign consortium holdings to more
than 25 percent of a local bank.
But in May the Chinese authorities insisted the two consortiums respect the
current regulations.
A single foreign bank cannot hold more than a 20-percent stake in a Chinese
bank.
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