Citigroup, one among the largest player in US banking system has finalized to buy Guangdong Development Bank (GDB) of China. GDB is one among the leading lender in the southern China.
The present agreements between two banks is approved by China Banking Regulatory Commission.
The recent trends have shown that so many foreign banks have bought the Chinese banks in the recent years. The Bank of America, HSBC Holdings and others have acquired banks in China.
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