USEUROPEAFRICAASIA 中文双语Français
Home / Mosaic

Regulator gives nod to Citigroup

By Wang Zhenghua | China Daily | Updated: 2008-10-08 08:14

Regulator gives nod to Citigroup

SHANGHAI: Citigroup Inc, the largest US bank, said yesterday that China's banking watchdog has approved its plan to open two microcredit firms in Hubei province, tapping the nation's vast rural market.

Citigroup, the first overseas lender allowed to establish such institutions in the country, plans to set up the two firms in Gong'an county and the city of Chibi, which are scheduled to open in the next few months.

The move comes as major rivals including HSBC and Standard Chartered are opening rural outlets in order to expand in the nation's underdeveloped regions and the government is relaxing controls on private financing to support thousands of small and cash-strapped manufacturers.

Regulator gives nod to Citigroup

Today's Top News

Editor's picks

Most Viewed

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US