As a locally incorporated bank, Citi will be able to provide unrestricted local currency retail banking and wealth management services to Chinese nationals, and will enjoy a regulatory framework similar to that of local banks.
Richard Stanley, CEO of Citi China, said: We are delighted with the opportunity that we have been given to broaden our service offering and we will continue to introduce world-class products and services to China that generate genuine value for our customers.
The approval comes at a time when Citi’s business in China is growing with strong momentum, with recent acquisitions including an 85.6% stake in Guangdong Development Bank. January 2007 also saw the bank add three new consumer outlets to its network, and it is currently preparing to open a new branch in Hangzhou.
Citi anticipates being in a position to commence business as a locally incorporated bank in the coming weeks.
