Banking News
- Guangdong News
Date: 29-Jan-2007 Sources: (Shenzhen Daily)
CITIBANK opened a new outlet in Futian District, Shenzhen on Friday, the third it has opened in China within a week.
'It's a special week for Citibank China,'said Lee Ah Boon, country business manager for Citibank China, at Friday's opening ceremony held at the subbranch, located on the ground floor of the Duty-Free Building in the prosperous central business area.
Earlier last week the bank opened an outlet in Beijing and one in Tianjin. The bank now has 16 outlets across the country. 'These openings add to the growing momentum of our business in China, and as we continue to invest for the future we fully expect to have many more in the coming years,'Lee said.
The new Shenzhen sub-branch provides foreign currency and RMB products and services as permitted by current regulations, including time deposits of 1 million yuan or higher for Chinese citizens, a service they have only been able to offer since Dec. 11 last year.
Special products offered at the new Shenzhen outlet include CitiGold, designed to provide wealth management services; Citi-RemEx, which allows customers to transfer funds between Citibank accounts on the Chinese mainland and Citibank Taiwan or Hong Kong within 3 hours; Citibank Global Transfer (CGT), a platform that enables customers to transfer money instantly between accounts in Citibank across countries together with a wide range of investment products, mortgages and insurance agency business.
The company's quick expansion is being made in advance of its local incorporation, under which it will be able to provide a complete range of RMB currency products and services to local citizens.
China's banking regulator has given the nod to nine foreign banks, including Citibank, to prepare for local incorporation.
Although the bank can only offer RMB time deposit products of more than 1 million yuan (US$129,000) for local customers in the cities of Beijing, Shanghai and Shenzhen, it has already attracted RMB time deposits of more than 300 million yuan. 'We are proud of the result,'Lee said.
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