DBS and Deutsche Bank will purchase 10 billion shares in Guangdong Development Bank (GDB) at a price of US$2.18 billion but will not take a controlling stake, state media reported. According to China Business News, the Guangdong government plans to inject US$2.47 billion into GDB to maintain its control, while People's Bank of China intends to re-loan US$1.23-2.47 billion to the bank. The financial reshuffling, scheduled to be completed before December, is expected to put GDB in a position to be listed within two years.
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