Former United States President George Bush has lobbied Beijing to give the nod to a Citigroup-led bid for Guangdong Development Bank, state media reported. A Citigroup-led consortium has offered US$3 billion for an 85% stake in the Chinese bank. ï¿½On my personal behalf, I vigorously ask the Chinese government to support the US companiesï¿½ efforts to buy into Guangdong Development Bank,ï¿½ Bush Senior wrote in a letter to the Ministry of Foreign Affairs. The Carlyle Group, a venture capital firm with strong political ties in Washington, also has a part to play in the deal. Bush’s letter was passed on to the China Banking Regulatory Commission after being received at the end of January.
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