Lending company for Citi

DALIAN: Citi, the world's largest bank in terms of customers and branches, has opened its third rural lending company in Wafangdian, 100 km north of Dalian, in Liaoning province.

With a registered capital of 17 million yuan, Dalian Wafangdian Citi Lending Co Ltd will offer both secured and unsecured loans to the local population, said Andrew Au, chief executive officer of Citi China.

Its target clients include individual borrowers, the self-employed and micro-enterprises. Available loans will range from 30,000 yuan to 800,000 yuan, said Au.