Citigroup has sold its stake in Shanghai Pudong Development Bank, its partner in a Chinese credit card venture, for about $670m as it prepares for the impact of new regulations on equity stakes and reshapes its push into China.
The US bank recently won approval to set up its own sole-branded credit card business in China after running a business with SPDB for almost a decade, leading to speculation it may sell its stake.
The bank said it would continue its relationship with Chinese banks in spite of the SPDB stake sale and Andrew Au, chief executive officer of Citi China, reiterated that on Monday.
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