Citibank, a subsidiary of the US-based Citigroup, has received approval to open a branch in this capital city of southwest China's Sichuan Province, Richard Stanley, CEO of Citigroup China, announced in Chengdu on Monday.

As Citibank's first business outlet in western China, the branch will be officially launched at the end of this year, Stanley said. Then it will provide local enterprises, foreign-invested businesses, residents on the Chinese mainland and foreigners with a wide range of financial services, he added.

Currently, Citibank has branches in Beijing, Shanghai, Tianjin, Guangzhou and Shenzhen. Six years ago, it established a representative office in Chengdu.

William Rhodes, chairman of Citibank, said China remains a top strategic market for Citigroup, and the bank is "very pleased to be expanding its presence in the important city of Chengdu." As the leading international bank in China, we remain strongly committed to growing our business here in a manner that contributes to China's long-term economic and social prosperity," he added.

Richard Stanley said, "The approval to open a branch in Chengdu is an important development in our plan to expand our franchise to the western region of China. We are delighted to be bringing world-class banking products and services companies and individuals to Chengdu."

Citigroup first established an office in China on May 15, 1902in Shanghai. Today Citigroup is the premier foreign bank operatingin China, offering the broadest range of products. Citigroup currently operates five corporate and investment bank branches on the Chinese mainland.

Source: Xinhua