SHANGHAI: Citibank, a unit of US financial titan Citigroup Inc, will pay about 600 million yuan (US$72mil) for a 5% stake in Shanghai Pudong Development Bank in its first strategic partnership in the potentially huge China market.
Citibank and the medium-sized Chinese lender would focus on the domestic credit card business through their alliance, said Stephen Long, chief executive officer of Citigroup Corporate and Investment Bank, Asia Pacific, at a news conference yesterday.
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