Citigroup to double China outlets

The world's largest bank by market capitalization, Citigroup, plans to double the number of outlets in China to more than 30 in 2007, the Financial Times reported. The bank currently has 16 outlets in China, mostly in cities along the east coast. The newest branch will go up in Hangzhou, near Shanghai. Citigroup is one of four foreign banks approved last week to incorporate locally. Chairman and chief executive officer Chuck Prince said the bank has a "multi-pronged strategy" for the country that would see it get more involved in investment banking, securities investments, corporate, consumer and private banking. "China is extremely important to us," Prince told a reporter. Citigroup currently employs 3,000 people in China and last November acquired a 20% stake in Guangdong Development Bank.