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Citigroup Allowed to Build Mansion in Shanghai
Shanghai Mayor Xu Kuangdi said Sunday, December 3, that Citigroup of the US, one of the leading financial companies in the world, has been allowed to build a bank mansion at the Pudong area in Shanghai.
In a meeting with Sanford Weill, president and chief executive officer of Citigroup, Xu encouraged the company to play an even more active role in the financial cooperation between China and the United States.
Citibank, which has set up its headquarters in Putong, was the first US bank to start business in China. The bank has opened branches or offices in Guangzhou, Shenzhen, Xiamen, and Chengdu.
Up to the end of June this year, there have been 71 overseas financial institutions operating in Shanghai, including 54 banks and 17 insurance companies. Among them, 24 banks have been allowed to do RMB business in Shanghai.
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