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Citi to put more outlets on its China map
By Wu Yuxin |
18:37 UTC+8 August 11, 2011
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Online Edition
Online Edition
CITIBANK plans to open 15 to 20 new outlets this year on Chinese mainland as the US bank is recovering from the global financial crisis and expanding its presence in China to capitalize on the country's strong growth.
"With the rapid development of China's economy, China tops the list of Citibank's investment," said Simon Chow, head of consumer banking of Citibank (China) Co Ltd. "I believe short-term financial turbulence will not change Citibank's long-term strategy in China."
Chow, a Hong Kong native, assumed his post last month. He said "Actually, the number of outlets we opened in 2010 was about 25 to 30 percent faster than our target. We will go to smaller cities that have not so much foreign bank exposure while keep growing our network in affluent cities like Shanghai and Beijing."
The US bank now has 40 outlets on the mainland, seven of them opened this year. It has gained regulatory approval to open new outlets in Wuxi in Jiangsu Province and in Chongqing in western China. It also plans to open a credit company in Chongqing.
Citibank (China) is the mainland subsidiary of Citibank. It was set up in 2007 in Shanghai, among the first four overseas banks allowed to open subsidiaries on the mainland. Currently it has more than 5,000 employees.
The bank is also in talks with mutual fund houses on mutual fund distribution.
"With the rapid development of China's economy, China tops the list of Citibank's investment," said Simon Chow, head of consumer banking of Citibank (China) Co Ltd. "I believe short-term financial turbulence will not change Citibank's long-term strategy in China."
Chow, a Hong Kong native, assumed his post last month. He said "Actually, the number of outlets we opened in 2010 was about 25 to 30 percent faster than our target. We will go to smaller cities that have not so much foreign bank exposure while keep growing our network in affluent cities like Shanghai and Beijing."
The US bank now has 40 outlets on the mainland, seven of them opened this year. It has gained regulatory approval to open new outlets in Wuxi in Jiangsu Province and in Chongqing in western China. It also plans to open a credit company in Chongqing.
Citibank (China) is the mainland subsidiary of Citibank. It was set up in 2007 in Shanghai, among the first four overseas banks allowed to open subsidiaries on the mainland. Currently it has more than 5,000 employees.
The bank is also in talks with mutual fund houses on mutual fund distribution.
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