FOUR global banks including Citigroup Inc. which are bidding separately for part of China's Guangdong Development Bank will submit their final offers this week, sources involved in or close to the deal said.

The three other potential investors are DBS Group Holdings, Societe Generale (SocGen) and ABN AMRO Holding NV, which along with Citigroup want to take the maximum stake permitted, a senior executive close to the Chinese lender said Wednesday.

Guangdong bank is expected to announce a winning bidder in December or January, said two of the sources familiar with the deal.

It shortlisted the four global banks from about a score of candidates after months of serious negotiation and deliberation, they said.

Two of the sources said SocGen was teaming up with a domestic publishing group in its bid, while ABN AMRO has tied up with China's Ping An Insurance.

"ABN AMRO is really the dark horse," the first banking executive said on condition of anonymity. "Actually, it has become Citigroup's strongest rival in the bid."

"The remaining four potential foreign investors are now required to submit legally binding bidding documents before the weekend," he said. Three other sources confirmed the timetable and other details.

All the four foreigners recently finished their three-week-long due diligence work, they said.

It was not known how big the eventual stake would be, nor what it might cost.

Foreign lenders are now allowed to own 20 percent singly or 25 percent collectively of any Chinese bank. They are lobbying hard for those restrictions to be eased, but regulators have never indicated a timetable.

Regulatory officials have said that the ownership ceiling was unlikely to be lifted soon, and have also dashed speculation that Guangdong bank would be an exception to the rule.

To secure investment, the government of the affluent southern province of Guangdong is offering to take over a major portion of bad assets at the Chinese lender, two banking sources said.

"Bankers expect the bidding to go as high as 2 yuan a share," said a Shanghai-based banking source close to the deal, who declined to elaborate. "And the provincial government has assured the investors that they would get a relatively clean bank," she added.

Representatives of Citigroup, ABN AMRO and DBS declined to comment. Societe Generale was not immediately available for comment.

Editor: Yan