The approval to launch Chinese currency services positions Citibank at the forefront of foreign banks competing in the financial sector in China. Furthermore, the US banking organization believes the approval means that it now offers the broadest product range of any foreign bank.
The Chinese currency (RMB) license will allow Citibank Beijing to provide a more comprehensive range of services to its corporate and financial institutions clients, as well as to retail customers who are foreign residents. The RMB services launched by Citibank Beijing will encompass accounts, deposits, collection services, cash management, foreign exchange, notes, bank guarantees, loans, and corporate finance.
Richard Stanley, CEO for Citigroup China, said, The launch of RMB services in Beijing adds to the growing momentum of our franchise in China. We are pleased to provide our Beijing-based clients with access to a sound RMB services network.
Citibank is growing in Beijing as we pursue the opportunities offered by its rapid and ongoing economic development, and we are very pleased that the opening up of the financial services sector in China continues to move forward, Mr Stanley added.
