Citigroup Plans Expansion
(Xinhua)
Updated: 2007-04-02 09:32
Citigroup plans to expand its securities business and branch network in China
this year after becoming one of the first banks approved to incorporate locally,
its chief executive, Charles O. Prince III, said. Citigroup plans to expand its
network in China from 16 offices to 30 and will aim at markets for investment
and corporate banking and wealth management, Mr. Prince said. Citibank was one
of four banks approved last week to incorporate a local subsidiary, a step
toward entering China’s retail market. Beijing agreed to open the industry to
foreign competitors as part of its World Trade Organization membership.[Photo by
Xinhua]
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