New Office

Citi Strengthens China Expansion Strategy

Vanessa Doctor Asia Editor 7 February 2010


Citigroup has won regulatory approval to open a new branch in Guiyang, China, bringing it total branch network in the mainland to ten.

The Guiyang branch will offer a comprehensive range of products and services and will cater to institutional clients, which includes advisory offerings to small-and-medium enterprises, the bank said in a statement. General banking services will also be available through it's consumer banking arm. Citigold, the company's wealth management unit, will also be offered.

"China is critically important to Citi and our long-term growth ambitions, and remains one of Citi's priority markets around the world," said Vikram Pandit, the chief executive officer of Citi.

"We are committed to pursuing growth across multiple lines of business in China, and our plan to open a new branch in Guiyang reflects our intent to expand in China this year and beyond," he added.

The approval comes at a time Citi is aggressively expanding its network in the fast-growing Chinese market. The firm said it is looking to expand its client base in the country to include multinational corporations, top-tier local corporations, small and medium enterprises, financial institutions, and retail clients. Its most recent move was the opening of a branch in Chongquing in December 2009.

Citi has nine corporate bank branches in China and has investments in two Chinese banks: Guangdong Development Bank and Shanghai Pudong Development Bank.

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