viewed as a potential player in any foreign investments in China. But it did not take an expected plunge with state-backed China Construction Bank, and watched as rival Bank of America agreed to pay $3 billion for 9% of the Chinese lender. Citigroup has made significant investments elsewhere in Asia, with a $2.7 billion purchase of KorAm Bank in South Korea. In 2019, it was reported that the bank was under investigation for alleged money laundering and sanctions violations involving the North Korean regime. The bank allegedly moved money for the Foreign Trade Bank of the Democratic People's Republic of Korea that was used to finance the country's nuclear and ballistic missile programs. References External links Companies in the CSI 100 Index Companies listed on the Shanghai Stock Exchange Banks of China Government-owned companies of China Companies based in Shanghai Banks established in 1993 Banks based in Shanghai