Société Générale has enlisted the support of Baosteel, China’s largest steel group, in an attempt to win the battle for Guangdong Development Bank, the first state-run Chinese bank to sell a controlling stake to a foreign-led consortium.

The French group, which is bidding Rmb23.5bn ($2.9bn) for the bank, is pitched against Citigroup. The US bank and its local partners, who have offered Rmb24.1bn for 85 per cent of GDB, were reported to have won the bidding – but the SG move suggests the contest is still alive.