Citi China gets a nod on Shanghai FTZ sub-branch plans

A milestone for Citi China.

In a release, Citi China announced that it has received approval from the China Banking Regulatory Commission to start preparations for a sub-branch in the China (Shanghai) Pilot Free Trade Zone, and will be one of the first foreign banks in China to do so.

Stephen Bird, Chief Executive Officer of Citi Asia Pacific, said, "China is a priority market for Citi and we are committed to continuing to invest and grow in China. We are delighted with this approval and look forward to contributing to the ongoing prosperity of China’s financial sector and the success of the China (Shanghai) Pilot Free Trade Zone."

Andrew Au, Chief Executive Officer of Citi China, said, "Citi’s establishment in FTZ is in line with our strategy. We thank CBRC for this approval, which marks a new chapter for our business in China.

As a leading foreign bank in China, Citi is committed to fully participating in the development of FTZ and playing an active role in promoting trade liberalization, RMB cross-border flows and RMB internationalization as we build out our business here, leveraging Citi’s global network and expertise."

Named as Citibank (China) Co., Ltd. Shanghai Pilot Free Trade Zone Sub-branch, the new sub-branch will provide a complete suite of banking products and services to corporates and individuals in the FTZ with both foreign and local currencies under the regulatory framework.