Citi Expands Branch Network In China

To offer banking and wealth management services in Chonqing region

Citibank (China) has opened a branch in Chongqing, its ninth in China. The branch offers banking and wealth management services to both corporate and individual customers in and around Chongqing. The new sub-branch will also be Citibank’s second retail outlet in China to be submitted for leadership in energy and environmental design (LEED) certification.

The Chongqing branch offers a wide range of RMB and foreign currency products and services to multinational and local companies, Chinese residents and foreign nationals. Corporate banking services include cash management, trade finance and services, loans and syndication, FX transactions, project finance and structured finance and other financial products.

Other services provided include savings, deposits and investment products (including premium accounts, structured investment accounts and QDII products) and ATM/debit cards.

William Rhodes, senior vice chairman of Citigroup, said: "Citi has an unmatched international presence in financial services, and China remains one of our priority markets. We are committed to continuing to invest in China over time, and we are delighted to be opening a branch in the city of Chongqing."

Andrew Au, chairman of Citibank (China), said: "Citi is proud to be extending our network to Chongqing with a world-class branch. Looking ahead to 2010, Citi will continue to build out our business in China across a wide array of areas as we continue to play an active role in the ongoing growth and development of China’s financial services sector."

Anand Selva, EVP of Citibank (China), said: "The Chongqing outlet will house the largest retail banking team in China, and its high-technology capabilities will provide Citibank customers with a superior banking experience. Its opening reflects our intent to be the most innovative, customer-focused international bank in China."

Mao Feng, branch manager of Chongqing, said: "Our team in Chongqing is committed to delivering the very best in banking and wealth management services to local companies and retail customers as Chongqing continues to rise as a key center of commerce and industry in China."