The China Banking Regulatory Commission (CBRC) has not received any application for qualification examination on the acquisition of the Guangdong Development Bank (GDB), said Wang Zhaoxing, assistant chairman to the CBRC.

 

In response to questions at a press conference held Thursday at the State Council's Press Office, Wang said it is up to the shareholders and board of directors of the GDB to decide who will win the bid in acquiring shares of the GDB

 

He said the CBRC, as a regulatory body, will only examine the qualification of the transaction after the application is received.

 

Bidding for the acquisition of the GDB has been lasting for months, while possible buyers include Citigroup, the French Bank Societe Generale and China's second largest insurer Ping An Group, according to previous media reports.

 

(Xinhua News Agency November 16, 2006)