Citigroup frontrunner in bank bid

Citigroup is set to win a contested bid for a Guangdong Development Bank, one of China's biggest regional lenders, the Wall Street Journal reported. The US bank entered the highest bid this week, edging out rivals ABN Amro and Societe General. Amounts were not disclosed. Citigroup said it would partner with a Chinese state-owned company, but did not say which one. The bank sale is expected to be completed in early 2006.