Citigroup licensed to buy bank

Citigroup has been cleared to buy a controlling stake in Guangdong Development Bank after Shanghai Pudong Development Bank agreed to terminate an exclusive agreement barring it from acquiring stakes in other Chinese lenders, the Wall Street Journal reported. At the same time, Citigroup agreed to quadruple its stake in Pudong Development from 4.62% to 19.9%. It will also strengthen cooperation with the Chinese bank to improve risk management, retail banking, and other businesses.