Citigroup to double outlets, US demands more opening
(agencies/chinadaily.com.cn)Updated: 2007-03-29 17:09
Citigroup Inc, the world's banking giant, will double the number of its consumer bank outlets in China to more than 30 by the end of 2007, Chairman and Chief Executive Charles Prince said Thursday in Beijing.
"We intend to accelerate network expansion with the aim of reaching more than 30 at the end of 2007", Prince told reporters at a media briefing.
Meanwhile, a senior US commerce officials said the same day that China has made "little to no progress" in opening key market sectors.
China cannot rest on its laurels after the steps it has taken to liberalize its economy during its first five years in the World Trade Organization and it now needs to move forward, US Undersecretary of Commerce Frank Lavin said.
 U.S. Undersecretary of Commerce Frank Lavin listens to a question during a briefing after a speech to the American Chamber of Commerce in Beijing Thursday March 29, 2007. [AP] |
"In a number of critical sectors there has been little to no progress in market opening," Lavin told an audience of US businesspeople in Beijing. He said that from telecoms to civil aviation, US companies and carriers were eager to open up new fields in China.
"I think China needs 100 (American) Carlyles to come in and buy a hundred Xugongs, and bring in the IT and the international management," Lavin said.
Carlyle's bid for a share in Xugong, in East China's Jiangsu Province, is seen by many as an important test case of China's attitude towards foreign investment.
However, two years ago, Chinese offshore oil company CNOOC's bid to purchase the American No 9 oil company Unocal failed due to fierce opposition from US lawmakers.
Currently, Citigroup operates 16 consumer bank outlets, six corporate bank branches, two investment bank representative offices and one representative office in China.
Citigroup is one of four foreign banks that won Chinese regulatory approval last week to incorporate locally in China, allowing them unconfined access to China's 2 trillion dollars of household savings. As locally incorporated entities, the four lenders can provide unrestricted local-currency services to Chinese citizens.
"We want to be the leading, most customer-focused international bank in China," Prince said. The US financial service giant also wanted to expand investment banking business in China.
"In addition to our consumer business, another important priority this year is to continue to build up our investment banking business here in China and to be an active participant of the development of the capital markets," he said.
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