First Foreign Bank to Offer Forex Services to Chinese Customers

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Last updated at: (Beijing Time) Wednesday, March 20, 2002

First Foreign Bank to Offer Forex Services to Chinese Customers

Citibank has become the first foreign bank allowed to deal with both Renminbi and foreign exchange business for Chinese customers on the Chinese mainland, a bank source said Wednesday.

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Citibank has become the first foreign bank allowed to deal with both Renminbi and foreign exchange business for Chinese customers on the Chinese mainland, a bank source said Wednesday.

The Shanghai Branch of Citibank in western Pudong has undergone a facelift and is expected to open to customers Thursday.

Richard Stanley, head of the bank's business in China, said his bank had been yearning to provide a high quality service for Chinese citizens and he was glad to see the goal realized.

A Chinese expert said the move marks real competition between Chinese and foreign banks in Shanghai.

Citibank opened its first branch in China in 1902. To date, it has branches in Beijing, Shanghai, Shenzhen and all major coastal cities of the country.

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