Citigroup, IBM team up for bid

Citigroup has added a surprising partner in its consortium that is bidding for an 85 percent stake in China's Guangdong Development Bank: IBM. Citigroup's biggest challenger is Societe Generale. The successful bidder will receive a coveted banking license in China. IBM's exact contribution and role to the Citigroup consortium isn't clear. But it is likely eyeing lucrative IT business. It has been trying to get into the market and this is as good a way as any. There will likely be a lot of IT contracts to be had. This follows the news that IBM and Lehman Brothers have teamed up to start a private equity fund to invest in Chinese targets.

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