Citigroup and Société Générale yesterday submitted revised rival bids for China’s Guangdong Development Bank, after re-organising the structure of their bidding consortiums.

Each overseas bank is understood to be seeking a stake of 20 per cent – the maximum limit allowed under Chinese law – and the revised bids reflect the fact that both sides have spent the past few weeks enlisting the support of powerful local allies to satisfy Chinese concerns over foreign ownership in the banking sector.