Citibank gets Beijing okay
US-based banking giant Citibank announced yesterday that it has got the nod from top regulatory bodies to start providing currency services in Beijing, following initial permission for preparation in January.
The approval allows the bank's Beijing branch to provide a more comprehensive range of services, including accounts, deposits, collection services, cash management and corporate finance to meet the needs of its corporate and institutional clients, as well as customers who are foreign residents.
Citibank said the approval to launch renminbi services consolidates its position as the leading foreign bank operating in China.
Richard Stanley, chief executive officer of Citigroup China, said: "The launch of renminbi services in Beijing adds to the growing momentum of our franchise in China, and we are committed to continuing to invest in our product capabilities to support the needs of our clients and the development of the local market."
China has allowed foreign banks into 18 cities and five provinces, and banks such as HSBC have also been allowed to extend their operations to Beijing.