China's CITIC Bank opens Singapore branch

The opening of its Singapore branch marks a major in implementing the international expansion strategy of China CITIC Bank Corporation Limited in building its franchise into a world-leading brand.

The bank started operations in December last year and its services now include wholesale banking and treasury services such as working capital financing, cash management, trade finance and foreign exchange services. It also plans to offer private banking services in Singapore by next year, the bank said.

The bank said it will leverage on its experience in offering Renminbi-denominated products and services in Hong Kong, where it is one of the top ten commercial banks.

One of the leading commercial lenders on the Chinese mainland, CITIC Bank also has presence in Hong Kong and Macau, as well as the United States.

The bank said its Singapore branch has handled a trade loan balance asset of about 500 million U.S. dollars and rolled out a variety of RMB services since the start of operations here.