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China is an important market for banking giant Citibank and the company is set to rapidly increase its presence in the country, according to bank CEO Ou Zhaolun.

“China is one of our most important markets in the world, so Citibank has spared no efforts to invest in China and will accelerate the establishment of new branches and increase business this year and in the near future,” Ou said on June 24.

Ou added that in the next two or three years, Citibank is planning to establish at least two branches and 20 sub-branched each year.

Citibank’s Changsha branch was established on June 16, and it is the company’s 12th branch on China’s mainland and its first branch in central China. It is the first foreign investment bank to provide retail business in Changsha.

He also emphasized that, Citibank is orientated as an all-round service bank in China.

According to reports, Citibank Group in China includes 12 bank branches, 37 sub-branches and two representative investment bank offices.

The full text is available in the July Issue of China Banking. Please visit E-Shop for more subscription details.