Shanghai Pudong Development Bank (600000.SS), part-owned by Citigroup Inc (C.N), will raise about 40 billion yuan ($5.9 billion) by selling a roughly 20 percent stake to China Mobile, a brokerage report said on Friday.

Guotai Junan Securities said in a report that Pudong Bank would sell about 2.2 billion shares to China Mobile at no less than 17.82 yuan each.

It did not specify whether the stake was being sold to Hong Kong-listed China Mobile (0941.HK) or to its parent company.

Pudong Bank said on Friday its shares would be suspended from trade as it plans to take on a strategic investor. ($1=6.83 yuan)

source:reuters