Citi to sell stake in Guangfa for $3b

Citi to sell 20% stake in China Guangfa Bank

The $3b sale comes as Basel III rules bite and the US bank refines its China strategy.

Citigroup has agreed to sell its 20% shareholding in China Guangfa Bank to China Life Insurance for $3 billion, fine-tuning its business in China as the cost of holding stakes in other banks grows.

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