American banking giant Citigroup has agreed to sell its 20% equity stake in China Guangfa Bank to China Life Insurance Company for an undisclosed amount.
Subject to regulatory approvals and customary closing conditions, the transaction is slated to close in the second half of 2016.
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Citi Asia Pacific CEO Francisco Aristeguieta said: "While we are proud of our decade-long partnership with China Guangfa Bank, this transaction is consistent with the simplification of Citi and allows us to focus our resources in China on growing our core franchise further."
In 2006, the bank first purchased its shares in CGB through a consortium investment, which included China Life Insurance Company.
Citigroup, which has operations throughout 13 cities in China, became the first global bank to launch a sole-branded credit card in the country in 2012.
The bank has been running its operation in China since 1902, and was among the first international banks to locally incorporate in the country in 2007.
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