Citibank (China) Company Limited ("CCCL") () was one of the first foreign banks to incorporate locally in

mainland China "Mainland China" is a geopolitical term defined as the territory governed by the People's Republic of China (including islands like Hainan or Chongming), excluding dependent territories of the PRC, and other territories within Greater China. ...

in 2007. The Chinese unit of

Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking ...

has been operating since 1902 and became the first American bank to establish operations in China. An office tower, the Citigroup Tower, in

Lujiazui Lujiazui, also known under its Shanghainese name Lohkatse (, , lit. meaning " heLu (surname 陸), Lu family's mouth"), is a locality in Shanghai, a peninsula formed by a bend in the Huangpu River. Since the early 1990s, Lujiazui has been dev ...

Shanghai Shanghai (; , , Standard Mandarin pronunciation: ) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flow ...

is named after the bank. The

China Banking Regulatory Commission The China Banking Regulatory Commission (CBRC) was an agency of the People's Republic of China (PRC) authorised by the State Council to regulate the banking sector of the PRC except the territories of Hong Kong and Macau, both of which are spec ...

announced on 24 December 2006 its approval for foreign banks to start their preparatory work for setting up local incorporations in

. Citibank was one of nine foreign banks to have applied for the incorporation. Its subsidiary Citibank (China) was founded on 1 April 2007, and it started operations on 2 April.

History

Citibank China's presence in China has grown since 2000, from the time, where it was operating under Chinese government banking restrictions. To grow further, Citibank has been more inclined to

mergers and acquisitions Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...

than

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acces ...

s. In 2007, Citibank China saw its operating income double to RMB 2.2 billion Yuan and its net income reach RMB 665 million. In addition, it is one of only five non-Chinese banks that can locally issue

UnionPay UnionPay (), also known as China UnionPay () or by its abbreviation, CUP or UPI internationally, is a Chinese state-owned financial services corporation headquartered in Shanghai, China. It provides bank card services and a major card scheme ...

debit cards. It also issues credit cards in partnership with

Shanghai Pudong Development Bank Shanghai Pudong Development Bank Co. Ltd (SPDB or Pufa; ) is a state-owned joint-stock commercial bank, established in 1993, with its headquarters located in Shanghai. Shanghai Pudong Development Bank issued a 400 million A-share offer on Septemb ...

Branch & ATM Network

Citibank has a presence along the North-East and South-East of China, with a total of 47 consumer bank outlets in the 13 cities of: *

Chengdu Chengdu (, ; Simplified Chinese characters, simplified Chinese: 成都; pinyin: ''Chéngdū''; Sichuanese dialects, Sichuanese pronunciation: , Standard Chinese pronunciation: ), Chinese postal romanization, alternatively Romanization of Chi ...

Beijing } Beijing ( ; ; ), alternatively romanized as Peking ( ), is the capital of the People's Republic of China. It is the center of power and development of the country. Beijing is the world's most populous national capital city, with over 21 ...

Guangzhou Guangzhou (, ; ; or ; ), also known as Canton () and alternatively romanized as Kwongchow or Kwangchow, is the capital and largest city of Guangdong province in southern China. Located on the Pearl River about north-northwest of Hong Kon ...

Shenzhen Shenzhen (; ; ; ), also historically known as Sham Chun, is a major sub-provincial city and one of the special economic zones of China. The city is located on the east bank of the Pearl River estuary on the central coast of southern province ...

Tianjin Tianjin (; ; Mandarin: ), alternately romanized as Tientsin (), is a municipality and a coastal metropolis in Northern China on the shore of the Bohai Sea. It is one of the nine national central cities in Mainland China, with a total popul ...

Hangzhou Hangzhou ( or , ; , , Standard Mandarin pronunciation: ), also romanized as Hangchow, is the capital and most populous city of Zhejiang, China. It is located in the northwestern part of the province, sitting at the head of Hangzhou Bay, whi ...

Dalian Dalian () is a major sub-provincial port city in Liaoning province, People's Republic of China, and is Liaoning's second largest city (after the provincial capital Shenyang) and the third-most populous city of Northeast China. Located on the ...

Chongqing Chongqing ( or ; ; Sichuanese dialects, Sichuanese pronunciation: , Standard Mandarin pronunciation: ), Postal Romanization, alternately romanized as Chungking (), is a Direct-administered municipalities of China, municipality in Southwes ...

Guiyang Guiyang (; ; Mandarin pronunciation: ), historically rendered as Kweiyang, is the capital of Guizhou province of the People's Republic of China. It is located in the center of the province, situated on the east of the Yunnan–Guizhou Plateau, ...

Nanjing Nanjing (; , Mandarin pronunciation: ), alternately romanized as Nanking, is the capital of Jiangsu province of the People's Republic of China. It is a sub-provincial city, a megacity, and the second largest city in the East China region. T ...

Changsha Changsha (; ; ; Changshanese pronunciation: (), Standard Mandarin pronunciation: ) is the capital and the largest city of Hunan Province of China. Changsha is the 17th most populous city in China with a population of over 10 million, an ...

References

External links

Citibank (China) Company Limited
Citigroup Banks of China Chinese subsidiaries of foreign companies {{Asia-bank-stub