Located on West Nanjing Road, a business district, the new outlet houses the first Citigold Private Client Centre in China. Citigold is a wealth management service designed to meet the needs of high net worth individuals with a minimum balance requirement of RMB8 million ($1.26 million). 

"China is one of our most important markets globally and Citi's busines here continues to grow strongly. We are investing in China across a number of areas, and these investments support our growth in the country and the wider Asian region," said Stephen Bird, chief executive for Asia-Pacific at Citibank.

The new branch brings the total number of Citi's outlets to 12 in Shanghai and 50 across the country.