Shanghai Pudong Development Bank

Pudong confirms talks

Wednesday, 01 August, 2012, 11:13am

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Pudong Development Bank has admitted it was in talks with Citibank about the possible sale of a stake to the American bank. Yang Guoping, the chairman of Shanghai Dazhong Taxi, which has a stake in Pudong Development Bank, confirmed the negotiations with Citibank but no time frame was given. It was reported earlier that Citibank was involved in a discussion to take up 10 per cent of Pudong Development Bank.