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Citigroup keen on A-share business
By Zhang Fengming |
August 25, 2010, Wednesday
|
Online Edition
Online Edition
CITIGROUP Inc is seeking a license for yuan-backed A-share investment banking business and the bank has no plan to list in Shanghai with strong earnings in the Asia Pacific, its regional head said today.
The A-share business license is a "strategic goal we have," said Stephen Bird, chief executive officer for Citi Asia Pacific, today in Shanghai.
The bank is very cautious in seeking a joint venture partner for the business, Bird said.
The US bank will expand its network in China, which is among its priority markets. The bank will open 10 more outlets in China to deepen its roots in the world's second largest economy.
The bank today opened its 29th consumer banking outlet in Shanghai at the People's Square Metro Station to broaden its client spectrum and catch the emerging affluent class in China.
The bank already opened outlets in Metro stations in Singapore, Hong Kong, New York, Washington and Deli.
More outlets in the city's Metro stations can be opened in the future, he said, adding that the bank has "no need" and "no plan" to go public in the coming international board at the Shanghai Stock Exchange.
Citigroup has a strong foothold in the Asia Pacific, Bird said. The bank's revenue in the region topped US$45 billion in the past three years with earnings of US$15 billion.
Overseas companies like HSBC are waiting to get listed in the Shanghai Exchange.
HSBC Holdings Plc, the biggest European bank by market value, aims to raise a "significant amount" of capital with a planned stock listing in Shanghai, its CEO Michael Geoghegan said in June.
The A-share business license is a "strategic goal we have," said Stephen Bird, chief executive officer for Citi Asia Pacific, today in Shanghai.
The bank is very cautious in seeking a joint venture partner for the business, Bird said.
The US bank will expand its network in China, which is among its priority markets. The bank will open 10 more outlets in China to deepen its roots in the world's second largest economy.
The bank today opened its 29th consumer banking outlet in Shanghai at the People's Square Metro Station to broaden its client spectrum and catch the emerging affluent class in China.
The bank already opened outlets in Metro stations in Singapore, Hong Kong, New York, Washington and Deli.
More outlets in the city's Metro stations can be opened in the future, he said, adding that the bank has "no need" and "no plan" to go public in the coming international board at the Shanghai Stock Exchange.
Citigroup has a strong foothold in the Asia Pacific, Bird said. The bank's revenue in the region topped US$45 billion in the past three years with earnings of US$15 billion.
Overseas companies like HSBC are waiting to get listed in the Shanghai Exchange.
HSBC Holdings Plc, the biggest European bank by market value, aims to raise a "significant amount" of capital with a planned stock listing in Shanghai, its CEO Michael Geoghegan said in June.
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