The business should be up and running sometime this year and according to the bank will mark a “significant milestone” in its continued expansion in the country.
Citi China chief executive officer, Andrew Au, comments: “We have a dynamic consumer banking business and a broad-based institutional business in China and the ability to offer retail and commercial cards provides Citi with a strong competitive edge, further meeting the needs of our expanding customer base.”
Citi China and Shanghai Pudong Development Bank (SPDB) have mutually agreed that SPDB will continue to be responsible for its Chinese credit card venture, which began in 2003.
Today’s news follows preliminary regulatory approval in January 2012 for Citi to establish a joint-venture securities firm in China, together with Orient Securities Company Ltd.
If all continues well, Citi Orient Securities Co Ltd will be based in Shanghai and engage in investment banking business in the Chinese domestic market, including securities underwriting and sponsoring and any other business, as approved by China Securities Regulatory Commission.
Based on:
bankingtimes.co.uk
