Citigroup has confirmed that a Citigroup led consortium has reached an agreement to acquire an 85.6% stake in Guangdong Development Bank (“GDB”) for 24.267 billion yuan/US$3.06 billion. At closing, Citigroup will own a 20% stake in GDB, as will China Life and State Grid. CITIC Trust will hold a 12.85% stake, Puhua will hold an [...]

October 9, 2006 – CLS Group Holdings AG announces that Bank of China Ltd has become a Shareholder of CLS Group, bringing the total number of banking and financial institutions as shareholders to 69.

HSBC and Bank of Communications will jointly launch a product known as Express Remittance, offering corporate clients favourable cut-off times on their same-day US dollar remittances.

Citigroup has opened a new offshore software development and technology centre in Dalian, China. The centre, which forms part of Citicorp Software and Technology Services (CSTS), will emply up to 300 staff and provide software development and maintenance and business process outsourcing services to Citigroup businesses in Asia and around the world, especially those requiring [...]

TSYS has increased its equity interest in China UnionPay Data Services Co., Ltd. (“CUP Data”) to 44.5 percent. Chinese regulatory authorities approved the investment last month.

China Construction Bank (CCB) has entered into an agreement with Bank of America to acquire 100% equity interest of Bank of America (Asia) Limited, the wholly-owned subsidiary of Bank of America in Hong Kong.

Dutch credit card organisation PaySquare, one of the largest players in the Benelux in the field of card acquiring, and China UnionPay have reached an exclusive partnership agreement. With this deal PaySquare opens the market for more than 940 million CUP card holders, and CUP is represented in 20 overseas regions.

Capinfo announced that on Dec 30, 2005, the company had entered into an assets transfer agreement to sell its online payment assets at USD2.5m. The purchaser, PayEase Corp, is a company incorporated in the US principally engaged in the research and development of electronic payment services includes payment via mobile phone and internet in the [...]

Diebold will provide nearly 300 self-service Bulk Cash Recycle Machines (BCRM) to the Bank of China (BOC). This new order comes in addition to a recent multi-million-dollar contract with BOC, bringing the total number of self-service units provided by Diebold to approximately 1,000.

A nationwide personal credit database, as a platform shared by commercial banks, collects and keeps personal credit information, has officially started its operation in January 2006 after one year of trial operation.