by Lotte Chow

By all accounts, Citibank Shanghai did a good job for Wafangdian Ballbearing Group in Dalian, northern China. Back in 1996 when the ballbearing manufacturer wanted an investment bank to help it formulate a financial plan to raise funds, Citibank Shanghai offered help. The bank found a bonafide investor for Wafangdian and steered the company to a successful IPO on the Shanghai Stock Exchange. The once cash-strapped company suddenly became cash-rich.

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