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Citi opens first lending firm in west
By Wang Yanlin |
September 24, 2011, Saturday
|
Print Edition
Print Edition
CITIBANK opened a new lending company in Chongqing yesterday in an effort to ride on credit demand from individuals and small businesses in western China.
Known as the Chongqing Beibei Citi Lending Co Ltd, it is the US bank's first lending company located in the western region of China. It is the fourth of its kind to be opened by Citi in China.
Citi was the first international bank to introduce the lending company model into China in 2008. Among the three already in operation, two are in the towns of Gong'an and Chibi in Hubei Province, and the other is in the town of Wafangdian, Liaoning Province.
"Access to credit is the most pressing financial need of individuals and small businesses in parts of China underserved by financial institutions," said Andrew Au, chief executive officer of Citi China.
With a registered capital of US$6 million, the new lending company in Chongqing will have 10 employees. Its target clients include individual borrowers, the self-employed and micro-enterprises, the bank said.
Many of China's small and medium-sized enterprises are struggling to survive amid shrinking external demand and tight lending policies.
Known as the Chongqing Beibei Citi Lending Co Ltd, it is the US bank's first lending company located in the western region of China. It is the fourth of its kind to be opened by Citi in China.
Citi was the first international bank to introduce the lending company model into China in 2008. Among the three already in operation, two are in the towns of Gong'an and Chibi in Hubei Province, and the other is in the town of Wafangdian, Liaoning Province.
"Access to credit is the most pressing financial need of individuals and small businesses in parts of China underserved by financial institutions," said Andrew Au, chief executive officer of Citi China.
With a registered capital of US$6 million, the new lending company in Chongqing will have 10 employees. Its target clients include individual borrowers, the self-employed and micro-enterprises, the bank said.
Many of China's small and medium-sized enterprises are struggling to survive amid shrinking external demand and tight lending policies.
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