Citi Celebrates Local Incorporation in China
Monday April 2, 2007, Shanghai – Citi China today celebrated its official launch in China as a locally incorporated bank. A ceremony to mark the historic milestone was held at Citi's China headquarters in Shanghai, Citi Tower, which was attended by senior representatives of the China Banking Regulatory Commission and the Shanghai Municipal Government.
The locally incorporated entity will be known as Citibank (China) Co. Ltd., and is fully owned by its parent, Citibank N.A. It was announced at the ceremony that Mr. Richard Stanley, Chief Executive of Citi China, will be Chairman of the new company. Mr. Huang Xiaoguang, Asia-Pacific Corporate Bank Head, China, will serve as President of Citibank (China) Co. Ltd.
Mr. Richard Stanley said, "Citi's local incorporation in China is without a doubt one of the most significant developments in our long history in this vital market, and we are both grateful and delighted to have been granted this opportunity. Citi's wide cross section of business lines in China leaves us well poised to accelerate our growth plans as a locally incorporated bank, while contributing to the continued advancement of China's banking sector."
Candidates for the Board of Directors of Citibank (China) Co. Ltd. have been confirmed and will be announced in due course. Citi China expects to be in a position to launch local currency services to Chinese nationals in the coming weeks.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citi's trademark red arc include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
About Citi China
Citi first established an office in China on May 15, 1902, in Shanghai. Today Citi is the premier foreign bank operating in China, offering the broadest product range of any foreign bank in China. Citi currently operates six corporate & investment bank branches - Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, and Chengdu, sixteen consumer bank outlets in Shanghai, Beijing, Tianjin, Guangzhou, Shenzhen and Chengdu, and one representative office in Xiamen. With operations in more than 100 countries around the world, Citi is the most global of all foreign banks in China.