China Pacific Insurance (Group) Co. (601601.SH) is the buyer of a 2.71% stake in a Chinese bank Citigroup sold Monday, according to information disclosed on the website of the Shanghai Stock Exchange.

China Pacific Insurance and its asset-management unit bought 506.16 million shares of Shanghai Pudong Development Bank at CNY8.33 each--a 10% discount to Shanghai Pudong Development Bank's Friday closing price.

Citigroup said Monday it sold its entire 2.71% equity stake in Shanghai Pudong Development Bank resulting in an after-tax gain of approximately US$349 million.

The U.S. bank said in a statement it sold the shares in a block trade to institutional investors and that the total proceeds are expected to be US$668 million at the current exchange rate.

-Yue Li contributed to this article; Dow Jones Newswires; (8621) 6120 1200; yue.li@dowjones.com

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