September 14, 2010, Shanghai - Citigroup ("Citi") announced today that it has been granted approval by the China Banking Regulatory Commission ("CBRC") to open a branch in the city of Nanjing. The Nanjing branch will be Citi's 11th branch in China, and will officially open end of 2010.
Mr. Andrew Au, Chief Executive Officer, Chairman and President of Citibank China noted that, "Expanding our network is a key pillar of Citi China growth strategy. The extension of our network to Nanjing, which sits in one of the most affluent regions in China, represents a significant milestone for our Franchise. It reflects our deep commitment to China and our intent to invest in China and grow our business here to the fullest extent possible."
The new branch will offer a comprehensive range of product and service offerings to multinational and local companies, Chinese residents and foreign nationals. Corporate banking services will include cash management, trade finance and services, loans and syndication, FX transactions, project finance and structured finance and other financial products.
Citi currently operates nine corporate bank branches and 30 consumer outlets in China, in Beijing, Shanghai, Hangzhou, Guangzhou, Shenzhen, Tianjin, Dalian, Chengdu, and Chongqing. Citi is to open its 10th new branch in the city of Guiyang in October, the bank has recently opened two state-of-the-art consumer banking outlets in the People's Square subway station in Shanghai and the Asia Games Village in Beijing.
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