Deals
Citigroup Sells Pudong Bank Stake, Generates $349 Million
This article is for subscribers only.
Citigroup Inc., which this month failed U.S. stress tests, sold its entire stake in Shanghai Pudong Development Bank nine years after the purchase for an after-tax gain of about $349 million.
Citigroup sold its 2.71 percent holding through block trades to institutional investors for a total of $668 million, the New York-based lender said in an e-mailed statement yesterday. The shares were sold at 8.33 yuan apiece, or about 10 percent less than Pudong Bank’s closing price in Shanghai yesterday.