Citibank China to raise number of wealth management offerings

Citibank China Co Ltd plans to expand its wealth management business across the nation, it said at a news conference on Friday in Shanghai.

Jonathan Larsen, Citi's global head of retail banking, said that as China's affluent population increases, the wealth management market has significant potential for growth.

On June 26, Citi China became one of the first foreign banks allowed to sell domestic mutual funds in the country.