End in sight for GDB bidding war

The year-long bidding war for Guangdong Development Bank (GDB) may come to a close at the end of September. The South China lender has been the focus of the largest takeover battle in the banking system, pitting US-based Citigroup against France's Societe Generale and China's Ping An Insurance for the rare chance to gain management control of the bank, the Wall Street Journal reported. A six-member committee, which includes two people each from the provincial government, the central bank and the China Banking Regulatory Commission is now expected to pick a single candidate and send it to the State Council for final approval. GDB has not published audited financial information in two years and has a large number of bad loans.