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Citibank China outperforms foreign rivals
By Hu Xiaocen |
17:00 UTC+8 February 28, 2013
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Online Edition
Online Edition
CITIBANK China reported higher profits compared to its foreign rivals operating on the Chinese mainland last year, the lender's Chief Executive Officer Andrew Au said today.
"We've outperformed the foreign peers on Chinese mainland last year in growth on average," Au said without giving figures.
Foreign banks in Shanghai earned a record high profit of 12.5 billion yuan (US$2 billion) in 2012, according to the China Banking Regulatory Commission Shanghai office.
Singapore-based DBS Bank and Hong Kong-based Bank of East Asia both earlier reported a slide in net profits on the Chinese mainland for 2012.
Manpower at Citibank China increased in 2012 although job cuts were planned at the group level, Au said.
The American lender launched a credit card on Chinese mainland last September. China is the second-biggest credit card market in the world.
"We've outperformed the foreign peers on Chinese mainland last year in growth on average," Au said without giving figures.
Foreign banks in Shanghai earned a record high profit of 12.5 billion yuan (US$2 billion) in 2012, according to the China Banking Regulatory Commission Shanghai office.
Singapore-based DBS Bank and Hong Kong-based Bank of East Asia both earlier reported a slide in net profits on the Chinese mainland for 2012.
Manpower at Citibank China increased in 2012 although job cuts were planned at the group level, Au said.
The American lender launched a credit card on Chinese mainland last September. China is the second-biggest credit card market in the world.
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