Citigroup aims to triple the size of its branch network on the Chinese mainland to about 100 outlets within three years.
Citigroup, the third-biggest US bank, trails London-based HSBC, which operates 105 outlets in China. The company is severing government ties as the US Treasury Department starts selling its remaining stake, which is the result of a US$45 billion bailout in 2008.
Citigroup is based in New York and currently has 31 outlets on the Chinese mainland. Initially it will add outlets in Changsha, Hunan province and in Nanjing, Jiangsu province.
CRIEnglish.com reports that Standard Chartered, the other contender, has 61 outlets but has also declared plans to increase that number.
You must log in to post a comment.