Citi China has been granted final approval by the China Banking Regulatory Commission (CBRC) to commence operations as 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.

In December 2006, Citi announced its consortium had successfully completed an agreement to acquire an 85.6% stake in Guangdong Development Bank, a unique deal that allows Citi significant management influence at a national bank with a large branch presence. Citi’s strong local partnerships with both Guangdong Development Bank and Shanghai Pudong Development Bank complement Citi’s own growth strategy for China, which has seen its workforce grow to more than 3,000 and the development of a product range that is the broadest of any foreign bank in China. In January 2007 Citi added three new consumer outlets to its network, and is currently preparing to open a new branch in the important city of Hangzhou.

Early this month Citibank and Shanghai Pudong Development Bank (SPDB) have launched their first co-branded credit card in cooperation with Shanghai Airlines. The new set of credit cards, available in classic, gold and platinum, are offered throughout China. ( Citibank China )

• Citi to Open Lending Companies in Rural China
• Foreign Banks to Issue RMB Debit Cards
• China Approves Registration of 9 Foreign-Funded Banks
• Citibank First to Launch Drive-Through ATM in China
• Citibank China Launches Renminbi Debit Card
• JCB Card Members Exceed One Million in China
• JCB To Extend Credit in China
• Citigroup-Led Consortium Wins Bid for Guangdong Development Bank