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BUSINESS BRIEFS.(A)
FINANCE
Citibank to take stake in Pudong
The Citigroup unit will reportedly pay $112 mil for an 8.3% stake in Shanghai Pudong Development Bank. The deal pushes Citigroup into a sheltered market with 1.3 bil people, $1 tril in personal savings and a middle class that finally can afford goods like cars and cell phones. Shanghai is China's richest city and economic hub. China is loosening rules on foreign bank ownership as part of its entry into the WTO.
First USA settles on phone sales
The Bank One unit will pay $1.3 mil and change the way it lets other firms sell to its credit card customers. The deal ends a three-year probe by 28 states that said customers were unwittingly charged for services. First USA now must OK all telemarketing scripts and ...
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