Citigroup Buying Chinese Bank - Not

China's banking regulators denied that Citigroup Inc. had beat out French Bank Societe Generale and China Insurer, Ping An Group to buy the Guangdong Development Bank.

It is rumored that Citigroup Inc. is prepared to throw $3 billion (2.2 billion Euro) the Chinese bank's way to take ownership.

The chairman of the China Banking Regulatory Commission told a group of reporters at a banking conference that no deal has won approval.

He didn't say there was no deal in the works.

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