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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