Citigroup Kisses Shanghai Bank Stock Goodbye

Shanghai Pudong Development Bank (SPDB), the first Chinese bank to tie the knot with a foreign stakeholder, is single again.

An SPDB statement March 22 said its former partner Citibank Overseas Investment Corp., a division of U.S.-based Citigroup, had transferred its entire 506 million-share stake to institutional investors in a bulk transaction three days earlier.