A consortium led by Citigroup Inc. has bid $3 billion for a stake in China’s Guangdong Development Bank, a Chinese magazine reported Friday. If accepted, the offer would be one of the biggest foreign acquisitions in China ever.
The mid-sized Chinese lender, based in the southern province of Guangdong, is mulling bids from three contenders, including Citigroup, France’s Societe Generale SA and Ping An Insurance (Group) Co., Chinese-language financial magazine Caijing said.
