Citigroup has struck a $3bn deal to sell an interest in a Chinese lender it took after a takeover battle a decade ago, joining a retreat by western banks from investments China’s financial institutions.
The New York-based bank’s agreement to sell its 20 per cent holding in Guangfa to China Life Insurance for Rmb19.7bn is the latest sign that tougher regulations imposed since the financial crisis are encouraging lenders to shed their holdings in other banks. Several of Citi’s rivals have struck similar deals to part with Chinese assets.
Citi said the sale of the stake would allow it to focus on expanding through its own network in the country, where it employs more than 8,000 people in 13 cities.
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