Citibank Expands Business in China

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Last updated at: (Beijing Time) Tuesday, January 14, 2003

Citibank Expands Business in China

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Citibank has got approval to provide custodial services for Qualified Foreign Institutional Investors (OFII) in China as a big step to expand business in the country, Citibank, Hong Kong, announced Tuesday.

The approval received from the People's Bank of China made Citibank one of the first batch of foreign banks to do such business in China, which promises a huge market of custodial services.

Richard Stanley, the country corporate officer of Citibank in China, said Citibank is very pleased at the deal and "Citibank looks forward to playing a broader role in the market opening initiatives, consistent with our long commitment to China."

Richard Ernesti, region head of Citibank Global Securities Services Asia, said Citibank will lead a delegation to Beijing this week to meet with China Securities Regulatory Commission and the State Administration of Foreign Exchange for further approvalsrequired for the QFII Custodian Licenses.

On allowing QFII in China, the regulation requires that foreigninvestors must apply for QFII licenses and investment quota through approved QFII custodian banks.

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