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Transnational banks in China more vigorous after global financial crisis
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17:15, August 06, 2009

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Since the global financial crisis, foreign investment banks are targeting China, a fast growing market. Signs indicate that overseas investors have more confidence in investing in China.

Recently, foreign commercial banks have become more active in appointing senior officers in the Chinese market: Citibank and Standard Chartered Bank have introduced new posts for chairman of Greater China or the Asia Pacific for their operations in China.

Foreign investment banks such as Goldman Sachs achieved consecutive successes during their initial stage of development in China, benefiting investment bankers, who accordingly are persisting in expansion in China.

Citibank, which was severely damaged by the global financial crisis, recently appointed Shengman Zhang as chairman of the Asia Pacific region. Zhang's background as a Chinese and the former vice president of the World Bank fully suggests that the focus of Citibank's next move is China.

On July 28, Citibank announced that it had received approval from the China Banking Regulatory Commission to establish a branch in Chongqing. The branch, Citibank's ninth in China, is expected to formally open in the second half of 2009.

At present, Citibank China has 8 branches in the Chinese mainland and 26 outlets. In 2008, Citibank China became the first bank to be involved in the lending business in the Chinese mainland. It is continuing to expand its network in China's less developed regions through the lending business. At present, Citibank has two lending companies in Hubei Province and plans to open a third in Wafangdian, Liaoning Province in the near future.

As the world's largest investment bank prior to the global financial crisis, Citibank set up business in Shanghai in 1984, becoming the first foreign-funded bank in New China.

By People's Daily Online

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