Citibank has opened a subbranch in Shanghai aimed solely at offering foreign currency services to Chinese retail clients, South China Morning Post said. Initially focusing on taking foreign currency deposits (of a minimum US$5,000), the bank plans to move gradually into foreign currency lending and credit card services. The branch is housed in the Peace Hotel.
The bank plans to open another sub-branch in Pudong later this year and hopes to set up similar operations in Beijing, Guangzhou and Shenzhen.