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Citi officially launches as a locally incorporated bank in China

4th April 2007
By Julia Chan

Financial services provider Citi China has celebrated its official launch in China as a locally incorporated bank with a ceremony held at Citi's China headquarters in Shanghai, Citi Tower.

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The ceremony marked the historic milestone, and 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, a wholly owned subsidiary of Citibank. At the ceremony, it was announced that Richard Stanley, chief executive of Citi China, will be chairman of the new company, while Huang Xiaoguang, Asia-Pacific corporate bank head for China, will serve as president of Citibank China.

Mr 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."

The new bank expects to be in a position to launch local currency services to Chinese nationals in the coming weeks.

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