Citibank (China) 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
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.
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 Shanghai
. In its attempt to spread its influence across the country, Citibank has been more inclined to mergers and acquisitions
than joint ventures
. 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......