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Pudong bank allows citi investment Original Source Link: (May no longer be active)    http://today.reuters.com/investing/financeArticle.aspx?type=mergersNews&storyID=2005-12-26T011833Z_01_SHA329904_RTRIDST_0_FINANCIAL-CHINA-CITIGROUP.XML http://today.reuters.com/investing/financeArticle.aspx?type=mergersNews&storyID=2005-12-26T011833Z_01_SHA329904_RTRIDST_0_FINANCIAL-CHINA-CITIGROUP.XML Pudong Bank agrees to let Citi chase 2nd China buy Sun Dec 25, 2005 8:19 PM ET SHANGHAI, Dec 26 (Reuters) - Pudong Development Bank has agreed to waive a series of exclusivity agreements forged with partner Citigroup Inc. (C.N: Quote, Profile, Research) over two years ago, clearing the way for the world's top financial services firm to pursue its second investment in a Chinese lender. Citigroup paid about $70 million in 2003 for 4.62 percent of Pudong Development Bank Co. Ltd. (600000.SS: Quote, Profile, Research), agreeing not to invest in another domestic lender, among other conditions. But the board of Pudong Bank, the third-largest domestically listed Chinese bank, decided on Dec. 22 to drop that condition, which some industry executives had feared would derail Citigroup's current effort to buy a sizeable portion of Guangdong Development Bank. "The two parties agreed to terminate all the exclusivity agreements signed previously," Pudong Bank said in a statement published in the official Shanghai Securities News on Saturday. "Pudong Bank's board also agreed to terminate its previous agreement with Citigroup restricting purchases of stakes in China," it said, referring to the pact signed in 2003 which did not allow Citigroup to invest a second Chinese lender. Citigroup offered to pay about $1.5 billion for up to half of Guangdong Bank, bidding against ABN AMRO Holding N.V. (AAH.AS: Quote, Profile, Research), Societe Generale (SOGN.PA: Quote, Profile, Research) and others, sources close to the situation told Reuters. Such a large share would be unprecedented for a single foreign investor but the investment awaits a decision to be made by Beijing by early next year, industry sources say. Citigroup agreed to increase its slice of Pudong Bank to 19.9 percent, the domestic firm said in a statement in the official Shanghai Securities News on Saturday, without elaborating. Citibank Chairman William Rhodes said in September that an investment in Pudong Bank could be made "within months". Pudong Bank's executive vice president Zhang Yaolin told Reuters in an interview on Dec. 7 that both partners were satisfied with discussions aimed at resolving some disagreements. © Reuters 2006. All Rights Reserved.

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