Citigroup sees no fundraising
By Zhang Fengming |
August 26, 2010, Thursday
|
Print Edition
Print Edition
CITIGROUP Inc doesn't need to raise capital in China to expand its business in the world's fastest growing major economy, its regional head said yesterday in Shanghai .
The bank has no plans to go public on the coming international board at the Shanghai Stock Exchange as its Asia-Pacific revenue can fully support its expansion in the country, Stephen Bird, Asia-Pacific chief executive officer of the United States bank, said at a news briefing in the city.
"We have the ability to invest today at a pace exceeding that of any time in our history," Bird said.
"We actually don't need to raise any capital here in Shanghai."
The bank generated a revenue of US$45 billion in the Asia-Pacific region in the past three years, with earnings of US$15 billion.
Its overseas rivals such as HSBC and the Bank of East Asia are keen to list in the city to tap China's rising economy. HSBC said in June that it aims to raise a "significant amount" of capital with a planned stock listing in Shanghai.
Citigroup, 18 percent owned by the US government, aims to enter deeper in investment banking in China.
"We would like to have an A-share license in China. That's a strategic goal we have. We are currently working on that project," Bird said. "The history of joint ventures in China is somewhat checkered if you look at some of our competitors. We want to design this well and be a leader when we execute that partnership."
Citigroup yesterday opened its 29th consumer banking outlet in Shanghai at the People's Square Metro station.
The bank has no plans to go public on the coming international board at the Shanghai Stock Exchange as its Asia-Pacific revenue can fully support its expansion in the country, Stephen Bird, Asia-Pacific chief executive officer of the United States bank, said at a news briefing in the city.
"We have the ability to invest today at a pace exceeding that of any time in our history," Bird said.
"We actually don't need to raise any capital here in Shanghai."
The bank generated a revenue of US$45 billion in the Asia-Pacific region in the past three years, with earnings of US$15 billion.
Its overseas rivals such as HSBC and the Bank of East Asia are keen to list in the city to tap China's rising economy. HSBC said in June that it aims to raise a "significant amount" of capital with a planned stock listing in Shanghai.
Citigroup, 18 percent owned by the US government, aims to enter deeper in investment banking in China.
"We would like to have an A-share license in China. That's a strategic goal we have. We are currently working on that project," Bird said. "The history of joint ventures in China is somewhat checkered if you look at some of our competitors. We want to design this well and be a leader when we execute that partnership."
Citigroup yesterday opened its 29th consumer banking outlet in Shanghai at the People's Square Metro station.
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