Citibank (China)
Encyclopedia
Citibank Company Limited was one of the first foreign banks to incorporate locally in mainland China
in 2007. The Chinese unit of Citibank
has been operating since 1902 and became the first American bank to establish operations in China. An office tower, the Citigroup Tower, in Lujiazui
, Shanghai
is named after the bank.
The China Banking Regulatory Commission
announced on 24 December 2006 its approval for foreign banks to start their preparatory work for setting up local incorporations in mainland China
. Citibank was one of nine foreign banks to have applied for the incorporation
. Its subsidiary Citibank (China) was founded in 1 April 2007, and it started operations in 2 April.
, Beijing
, Guangzhou
, Shenzhen
, Chengdu
, Tianjin
, Hangzhou
and Dalian
. In its attempt to spread its influence across the country, Citibank has been more inclined to mergers and acquisitions
than joint venture
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
debit cards. It also issues credit cards in partnership with Shanghai Pudong Development Bank
.
Mainland China
Mainland China, the Chinese mainland or simply the mainland, is a geopolitical term that refers to the area under the jurisdiction of the People's Republic of China . According to the Taipei-based Mainland Affairs Council, the term excludes the PRC Special Administrative Regions of Hong Kong and...
in 2007. The Chinese unit of Citibank
Citibank
Citibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
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
Lujiazui is an important financial district in Pudong, Shanghai. In 2005 the State Council reaffirmed the positioning of the 31.78 km² Lujiazui area, as the only finance and trade zone among the 185 state-level development zones in mainland China.-Economy:...
, Shanghai
Shanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
is named after the bank.
The China Banking Regulatory Commission
China Banking Regulatory Commission
The China Banking Regulatory Commission is an agency of the People's Republic of China 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 special administrative regions...
announced on 24 December 2006 its approval for foreign banks to start their preparatory work for setting up local incorporations in mainland China
Mainland China
Mainland China, the Chinese mainland or simply the mainland, is a geopolitical term that refers to the area under the jurisdiction of the People's Republic of China . According to the Taipei-based Mainland Affairs Council, the term excludes the PRC Special Administrative Regions of Hong Kong and...
. Citibank was one of nine foreign banks to have applied for the incorporation
Incorporation
Incorporation may refer to:* Incorporation , the creation of a corporation* Incorporation of a place, creation of municipal corporation such as a city or county...
. Its subsidiary Citibank (China) was founded in 1 April 2007, and it started operations in 2 April.
Company Profile
Citibank China has come a long way since 2000, when the highly restricted banking sector just barely allowed it to exist. Today, Citibank has a growing presence along the North-East and South-East of China, with a total of 25 consumer bank outlets in the eight provinces of ShanghaiShanghai
Shanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
, Beijing
Beijing
Beijing , also known as Peking , is the capital of the People's Republic of China and one of the most populous cities in the world, with a population of 19,612,368 as of 2010. The city is the country's political, cultural, and educational center, and home to the headquarters for most of China's...
, Guangzhou
Guangzhou
Guangzhou , known historically as Canton or Kwangchow, is the capital and largest city of the Guangdong province in the People's Republic of China. Located in southern China on the Pearl River, about north-northwest of Hong Kong, Guangzhou is a key national transportation hub and trading port...
, Shenzhen
Shenzhen
Shenzhen is a major city in the south of Southern China's Guangdong Province, situated immediately north of Hong Kong. The area became China's first—and one of the most successful—Special Economic Zones...
, Chengdu
Chengdu
Chengdu , formerly transliterated Chengtu, is the capital of Sichuan province in Southwest China. It holds sub-provincial administrative status...
, Tianjin
Tianjin
' is a metropolis in northern China and one of the five national central cities of the People's Republic of China. It is governed as a direct-controlled municipality, one of four such designations, and is, thus, under direct administration of the central government...
, Hangzhou
Hangzhou
Hangzhou , formerly transliterated as Hangchow, is the capital and largest city of Zhejiang Province in Eastern China. Governed as a sub-provincial city, and as of 2010, its entire administrative division or prefecture had a registered population of 8.7 million people...
and Dalian
Dalian
Dalian is a major city and seaport in the south of Liaoning province, Northeast China. It faces Shandong to the south, the Yellow Sea to the east and the Bohai Sea to the west and south. Holding sub-provincial administrative status, Dalian is the southernmost city of Northeast China and China's...
. In its attempt to spread its influence across the country, Citibank has been more inclined to mergers and acquisitions
Mergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
than joint venture
Joint venture
A joint venture is a business agreement in which parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets...
s. In 2007, Citibank China saw its operating income double to RMB 2.2 billion Yuan
Chinese yuan
The yuan is the base unit of a number of modern Chinese currencies. The yuan is the primary unit of account of the Renminbi.A yuán is also known colloquially as a kuài . One yuán is divided into 10 jiǎo or colloquially máo...
and its net income reach RMB 665 million.
In addition, it is one of only five non-Chinese banks that can locally issue UnionPay
China UnionPay
China UnionPay , also known as UnionPay or by its abbreviation, CUP, is the only domestic bank card organization in the People's Republic of China . Founded in March 2002, China UnionPay is an association for China's banking card industry, operating under the approval of the People's Bank of China...
debit cards. It also issues credit cards in partnership with Shanghai Pudong Development Bank
Shanghai Pudong Development Bank
Shanghai Pudong Development Bank Co. Ltd , incorporated on January 9, 1993 with the approval of the People's Bank of China , is a joint-stock commercial bank with its headquarters located in Shanghai....
.