Prince Alwaleed bin Talal, the Saudi Arabian investor, bid $2bn (€1.6bn) for a 2.7% stake in Bank of China immediately after the bank's flotation, as Citigroup sought to secure a controlling stake in rival Guangdong Development Bank.

Alwaleed, who is Citigroup's largest shareholder, arranged his bid through Al Azizia Commercial Investment Company, his portfolio management and private equity firm.