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A Citigroup-led consortium is expected within days to clinch a $3 billion deal for a combined 85 percent stake in Guangdong Development Bank Co. Ltd., making the U.S. institution the first foreign bank to assume control of a Chinese lender with a national network. The imminent deal has fed expectations that existing foreign ownership restrictions will soon be relaxed as part of a World Trade Organization-inspired liberalization of China's financial services sector.
January 04, 2006 at 12:00 AM
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The original version of this story was published on Law.Com
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