BIZCHINA / Overseas Investment

Citigroup to expand network with new Hangzhou branch

(CRI)
Updated: 2007-01-15 10:38

Citigroup has been granted approval by the China Banking Regulatory Commission to open a branch in the city of Hangzhou. The Hangzhou branch represents Citigroup's seventh branch in China, and will be officially opened early in 2007 pending the completion of Citigroup's local incorporation in China.

Mr. Richard Stanley, CEO of Citigroup China said, "Citigroup remains deeply committed to pursuing organic growth in China, and the opening of our Hangzhou branch reflects our intent to further expand the Citigroup franchise in China. As a key economic center that continues to prosper, there is high demand in Hangzhou for banking and wealth management services by a sophisticated population. We are dedicated to bringing world-class products and services to companies and individuals in Hangzhou."

The new branch will offer a comprehensive range of RMB and foreign currency products and services to multinational and local companies, Chinese residents and foreign nationals as regulations permit. In addition to general banking services, the branch will also offer CitiGold, Citigroup's world-renowned wealth management service. CitiGold provides customized banking products and services to enable customers to realize their wealth management goals. The branch will also provide services designed to meet the needs of corporate customers, such as cash management, electronic banking, structured corporate finance, and research services.

Citigroup currently operates six corporate bank branches in Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, and Chengdu, thirteen consumer bank outlets in Shanghai, Beijing, Tianjin, Guangzhou, Shenzhen and Chengdu, and one representative office in Xiamen.

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