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Citigroup, China Life and State Grid becomes large share-holders of GDB
Latest Updated by 2006-11-16 21:33:32
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After more than a year of dogged pursuit, Guangdong Development Bank (GDB) unveiled the final winner of the bidding war. Citigroup-led consortium has beaten its rivals and been chosen as GDB's strategic investor according to an agreement signed in Guangzhou this afternoon (October. 16).

The Citigroup-led consortium, which includes the Citygroup one of the world's biggest bank; the China Life Group, the nation's largest insurer; the State Grid Corp, the major electricity distributor, offered 24.267 billion RMB and bought a 85.5888 percent stake in the GDB.

The Citigroup, China Life Group and State Grid Corp become the three large share-holder of GDB with 20 percent of the shares respectively, and IBM, the world's largest technology services company, took 4.74 percent stake. China CICIT Group held 12.84888 percent of the shares and China Puhua Investment toke 8 percent.

The total foreign ownership of GDB is no more than 25 percent.

According to the agreement, the Citigroup, will offer technical assistance on eight aspects, including risk management, financial control, information technology, internal control, corporate governance, assets and liabilities management, as well as human resources management and financial innovation.

William Rhodes, CEO of Citibank announced his confidence on the sharp competitiveness edge of the GDB in the future, and believed the GDB would better operate corporations by combining ownership and management.
 
Guangdong development Bank revealed that the injection of the capital and the join of the top domestic firms and international banking giants are of great significant to the future development of the bank.

The restructuring of the Guangdong Development Bank has stared on May, 2005, and attracted over 40 firms in home and abroad, according to China Banking Regulatory Commission (CBRC).

"The choice of Citigroup is in accordance with the GDB's current situation and future development, and the process is fair and justly", said Li Handong, an official of Guangdong province.

"We are appreciating all the works that French bank Societe Generale and Ping An Group have done for the GDB's reconstruction" said Zhang Guanghua, president of Guangdong Development Bank.

Background:

Source says that more than 40 firms at home and abroad expressed their strong interests and investment intentions. Why Guangdong Development Bank can attract so many investors?

Above all, Guangdong Development Bank was approved by China State Council and People's Bank of China to be a national shareholding bank in September 1988, headquartered in Guangzhou. At present, it has established over 900 agent banks with domestic and overseas banks. The bank also ranked among the top 500 global banks and top 500 enterprises of China.

Besides, the rapid development of financial market and improvement of supervision environment of China is also an important factor.

Editor: Yan & Donald

By: Ouyang Yan, Wusun Source: newsgd.com
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