Citigroup wins final approval for China bank deal
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A consortium led by Citigroup Inc.  has won final regulatory approval for its $3.1 billion purchase of 85.6 percent of Guangdong Development Bank (GDB), the China Banking Regulatory Commission said on Monday, paving the way for a restructuring of the troubled southern China lender.
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Morgan Stanley  said on Monday  it has acquired China's Nan Tung Bank, a deal that would give  the Wall Street giant a coveted onshore commercial banking  license in China ahead of U.S. investment bank rivals.
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Bank of America Corp.  said on  Monday it completed its $3.3 billion purchase of the U.S. Trust  business from Charles Schwab Corp. , and is defying  analyst concern that it would have trouble retaining many of  U.S. Trust&#39;s ultra-wealthy clients.
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A federal judge Friday approved Citigroup Inc.&#39;s $2.6 billion settlement with WorldCom Inc. investors who lost billions when an accounting scandal plunged the telecommunications company into bankruptcy protection.
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American Express, which fought for the right to sign deals with banks that issue cards on the Visa and MasterCard networks, said that it won a contract with Citigroup.
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The move completed the first orderly transfer of power in Communist Party history, state media announced.
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Wall Street bank JPMorgan  said on Monday it had won final approval to set up a wholly owned unit in China to strengthen its wholesale banking business in the world's fastest growing major economy.
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The People&#39;s Bank of China issued a management regulation on outbound personal property and selling foreign currency. The new regulation will officially be implemented from December1.
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China agreed to pump $5 billion into Morgan Stanley  as the U.S. investment bank reported a stunning fourth-quarter loss fueled by a bigger-than-expected $9.4 billion of write-downs in mortgages and other assets.
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Citigroup Inc. said yesterday it is buying the world's largest stand-alone online bank, London-based Egg Banking PLC, to expand its financial operations in Britain and its Internet expertise worldwide.
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Bank of America Corp.  said on Monday it completed its $3.3 billion purchase of the U.S. Trust business from Charles Schwab Corp. , and is defying analyst concern that it would have trouble retaining many of U.S. Trust's ultra-wealthy clients.
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Chinese regulators expect Citigroup , HSBC Holdings  and two others to become the first foreign banks to issue local-currency debit cards to consumers in the world's fourth-largest economy, a senior banking regulator said on Thursday.
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New York-based parent company Citigroup announced Tuesday that it is buying Bryan-based First American Bank, which has 102 full-service branches throughout Texas.
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Citigroup Inc  awarded Chief  Executive Vikram Pandit $26.7 million of shares and 3 million  stock options, six weeks after he took over the largest U.S.  bank, and a week after reporting a record $9.83 billion  quarterly loss.
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A British real estate group said it had agreed to buy the 42-story tower that houses Citigroupâs London headquarters for about $2 billion from the Royal Bank of Scotland Group.
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Citigroup has replaced Catherine Weir, its top official in China, with Richard Stanley, reversing a management reorganization made six months ago.
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Visa said on Thursday it won approval of a registration statement from the U.S. Securities and Exchange Commission, a key step in the world's largest credit card network's plan to go public by early next year.