Citi China has been granted final approval by the China Banking Regulatory Commission to commence operations as a locally incorporated bank, and will be one of the first foreign banks in China to do so. As a locally incorporated bank, Citi will be able to provide unrestricted local currency retail banking and wealth management services to Chinese nationals, and will be subject to a regulatory framework similar to that of local banks. Citi anticipates being in a position to commence business as locally incorporated bank in the next few weeks. Richard Stanley, chief executive officer of Citi China, said: “We are delighted with the opportunity that we have been given to broaden our service offering and we will continue to introduce world-class products and services to China that generate genuine value for our customers. Today’s approval marks the beginning of an unprecedented new chapter in Citi’s long history in China, as we strive to be the best customer-driven foreign bank in this vital market.”