Pudong confirms talks

PUBLISHED : Thursday, 15 August, 2002, 12:00am
UPDATED : Thursday, 15 August, 2002, 12:00am

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.