Citibank praises Guizhou's economic growth (2)

Citibank isn't the only major overseas financial institution to take advantage of this rapid growth.

In June HSBC Holdings Plc launched its second rural bank in Chongqing, which has the highest number of foreign banks in the western region.

South Korea's Woori Bank, the flagship unit of Woori Finance Holdings Co, set up its first branch in Chengdu, capital of Sichuan, in January, and in April Singaporean lender DBS Group Holdings also established a foothold in western area, setting up a branch in Chongqing.

Experts believe more foreign banks will come to Guizhou province, as this rapid economic development continues.

In September, it was revealed that total deposits in Guizhou's financial institutions topped 1 trillion yuan ($160 billion) for the first time.

Zhou Daoxu, head of Guizhou's finance office, said that efforts will continue to attract more financial institutions.

"We will strengthen the finance industry and let it drive the growth of other industries," said Zhou.

Citigroup said its focus will continue to be providing a range of financial services - including cash management, syndicated loans, trade financing and foreign exchange trading, with more planned - to multinational companies, as they expand from eastern coastal to western regions.

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