BEIJING, Nov 16: Citigroup, the largest bank of United States, said on Thursday it won a $3.1 billion bid for China’s troubled Guangdong Development Bank after a protracted battle against France’s Societe Generale.

New York-based Citigroup led a consortium buying 85.6 per cent of Guangdong Development Bank for 24.267 billion yuan ($3.06bn), a statement from the American bank said.

Citigroup, top life insurer China Life Insurance and China’s State Grid Corp, a major Chinese electricity provider, will each take a 20 per cent stake in the state-controlled Chinese lender, the statement said.—AFP