continues its overseas expansion, as it emerges the victor in a battle for control of a troubled Chinese lender.
A Citigroup led group is paying $3.1 billion to acquire a nearly 86% equity stake in Guangdong Development Bank. The Citigroup consortium beat out a rival bid submitted by France's Societe Generale.
The New York-based bank has been on an overseas acquisition spree of late, paying $3.1 billion for a stake in Turkey's third-largest lender and putting down an undisclosed sum for Central America's largest credit card issuer. Citigroup's buying binge comes in the wake of the
decision earlier this year to lift a moratorium on big deals by the bank.
But some say the bank's overseas acquisitions are a bit misguided and Citigroup should be more focused on building up its domestic retail banking business.