Shaghai, Jan 02: Citibank, a unit of U.S. giant Citigroup, will buy five per cent of Shanghai Pudong Development Bank in its first strategic partnership in the potentially huge China market, the Chinese bank said today. The acquisition by the banking unit of the world's biggest financial group is one of many Sino-foreign tie-ups in the works as foreign banks ponder alliances in China, hoping to tap a gradually opening market and $1 trillion in personal savings.

Citibank and mid-sized Pudong Bank agreed to an exclusive cooperation pact in which each will treat the other as its sole strategic banking partner in China, Pudong Bank said in a statement published in official newspapers on Thursday.
It did not state a value for the acquisition, and executives at both banks declined comment.
Bureau Report