China to be priority for Citigroup
By Zhang Fengming |
July 15, 2010, Thursday
|
Print Edition
Print Edition
CITIGROUP Inc plans to open 60 new outlets this year in Asia and China will be one of the highest priority markets, a senior official of the New York-based bank said yesterday in Shanghai.
The bank has 710 outlets in the region and about 200 newly set-up or renovated or relocated branches will start operations this year, said Jonathan Larsen, Citigroup's head of consumer banking and cards for Asia Pacific, said yesterday.
The bank declined to give details of its China expansion, except to say it will open more outlets.
"We're extremely confident of the growth path ahead," Larsen said.
He also said he doesn't expect a double-dip recession in the United States and sees the European markets to stabilize.
The bank yesterday unveiled its upgraded private banking services aimed at China's growing crop of millionaires. It targets individuals with assets under management of 8 million yuan (US$1.2 million). China is seen as one of the largest wealth management markets in the Asia Pacific region.
The bank has 710 outlets in the region and about 200 newly set-up or renovated or relocated branches will start operations this year, said Jonathan Larsen, Citigroup's head of consumer banking and cards for Asia Pacific, said yesterday.
The bank declined to give details of its China expansion, except to say it will open more outlets.
"We're extremely confident of the growth path ahead," Larsen said.
He also said he doesn't expect a double-dip recession in the United States and sees the European markets to stabilize.
The bank yesterday unveiled its upgraded private banking services aimed at China's growing crop of millionaires. It targets individuals with assets under management of 8 million yuan (US$1.2 million). China is seen as one of the largest wealth management markets in the Asia Pacific region.
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