Citigroup leaving China; focus remains on HSBC

Bloomberg News

Citigroup Inc.’s plans to join an exodus of global banks from stakes in Chinese lenders leaves the focus on HSBC Holdings Plc., the only one with a major holding in a big bank after earlier exits by the likes of Bank of America Corp. and Goldman Sachs Group Inc.

Citigroup Inc. is seeking buyers for its 20 percent stake in China Guangfa Bank Co. after the Chinese lender scrapped plans to list in Hong Kong, people familiar with the matter said on Friday. Earlier this month, Deutsche Bank AG signaled it may sell a $3.5 billion stake in Huaxia Bank Co. after saying it “no longer considers this stake to be strategic.”

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