Chinese regulator tells Citigroup to expand

US bank Citigroup should expand in China in the aftermath of the global recession, a senior Chinese banking regulator told the Wall Street Journal. Yan Qingmin, who is director of the China Banking Regulatory Commission in Shanghai, said that Citigroup had been understandably careful to expand during the global financial crisis, but should now take the opportunity to grow its presence in China. Although over the past year Citigroup’s presence in China has expanded, it has not been as quick as other foreign banks, Yan said. He also praised the US government’s US$45 billion bailout of Citigroup last year, saying that support gave the banking industry much-needed confidence.