A Citigroup-led consortium has beaten two rival investor groups with a $3.2bn (€2.7bn) bid for a  stake in China's Guangdong Development Bank.

The Citigroup consortium beat groups led by ABN Amro and Société Générale for an 85% stake in the bank, Reuters reports, citing three unnamed sources close to the deal.

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Citigroup beats rivals to Guangdong

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