Citi China announced it has been granted final approval by
the China Banking Regulatory Commission to commence operations
as a locally incorporated bank, and will be one of the first foreign
banks in China to do so. As a locally incorporated bank, Citi will be
able to provide unrestricted local currency retail banking and wealth
management services to Chinese nationals, and will enjoy a regulatory
framework similar to that of local banks. Citi anticipates being in a
position to commence business as a locally incorporated bank in the
coming weeks.
Mr. Richard Stanley, Chief Executive Officer of Citi China, said, “We
are delighted with the opportunity that we have been given to broaden
our service offering and we will continue to introduce world-class
products and services to China that generate genuine value for our
customers. Today’s approval marks the beginning of an unprecedented new
chapter in Citi’s long history in China, as we strive to be the best
customer-driven foreign bank in this vital market.”