Citi strategy stays despite crisis
By Zhang Fengming |
00:00 UTC+8 March 19, 2010
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Print Edition
Print Edition
CITIGROUP Inc will expand its network in China and maintain close cooperation with its partners despite the global financial crisis as the country is important to the United States bank, its China head said yesterday.
"The financial crisis didn't make us change our strategy in China," Andrew Au, Citi China chairman and chief executive officer, said yesterday in Shanghai. "China is one of the most important markets for Citi."
He also said the US bank will keep its close relationship with Shanghai Pudong Development Bank, which announced a deal to sell a 20 percent stake to China Mobile for 39.8 billion yuan (US$5.8 billion).
"We're satisfied with our cooperation with Pudong Bank," he said. He, however, declined to comment whether Citi will raise its stake in the Shanghai-based joint stock bank.
Citi's other Chinese bank partner, Guangdong Development Bank, is also preparing for a public offering this year.
The US financial giant has 28 outlets in nine cities on Chinese mainland and it will open more branches, Au said, but he declined to give a figure.
Citi is also considering opening more lending companies in China's less developed provinces as its existing lending entities performed better than expected, according to Anand Selvakesari, executive vice president of Citibank (China).
"The financial crisis didn't make us change our strategy in China," Andrew Au, Citi China chairman and chief executive officer, said yesterday in Shanghai. "China is one of the most important markets for Citi."
He also said the US bank will keep its close relationship with Shanghai Pudong Development Bank, which announced a deal to sell a 20 percent stake to China Mobile for 39.8 billion yuan (US$5.8 billion).
"We're satisfied with our cooperation with Pudong Bank," he said. He, however, declined to comment whether Citi will raise its stake in the Shanghai-based joint stock bank.
Citi's other Chinese bank partner, Guangdong Development Bank, is also preparing for a public offering this year.
The US financial giant has 28 outlets in nine cities on Chinese mainland and it will open more branches, Au said, but he declined to give a figure.
Citi is also considering opening more lending companies in China's less developed provinces as its existing lending entities performed better than expected, according to Anand Selvakesari, executive vice president of Citibank (China).
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