Banking

CITIC Bank opens int'l branch in Singapore

(Xinhua)
Updated: 2011-04-09 11:54

BEIJING - China CITIC Bank (CNCB) announced that its subsidiary, CITIC International Financial Holdings Ltd, has officially opened a Singapore branch on Friday.

CNCB President Chen Xiaoxian said that in late 2009 CITIC Bank had acquired a substantial stake in CITIC International Financial Holdings, the holding company of CITIC Bank International Ltd (CBI).

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CNCB also established the CBI as an important platform for its deeper internationalization.

"Given the strong trade and investment flows between Singapore and China, and Singapore as a key ASEAN member, the opening of our Singapore Branch signifies the first step of our regional expansion," said CBI Chairman Dou Jianzhong.

Since the trial operation which began in December 2010, the Singapore branch had handled a trade loan balance totaling S$648 million ($515 million) and rolled out a variety of RMB-related services. The branch plans to introduce private banking services next year.