Citigroup sells China Guangfa stake for $3 bn

US bank Citigroup announced Monday it would sell its 20 percent stake in China Guangfa Bank to China Life Insurance Company as it focuses on its own franchise in China. Citigroup sold the stake to China Life for $3 billion, said a person close to the matter, confirming a figure in The Wall Street Journal. The move marks a shift from Citigroup's strategy in 2006, when it successfully fended off a rival bid from France's Societe Generale and bought the China Guangfa stake for $620 million.