Citi China Strengthens Shanghai Presence with New Retail Outlet
Shanghai – Citibank (China) Co., Ltd (“Citibank”) today announced the opening of a new consumer-banking outlet at Yalong Shopping Mall near People’s Square, a key location in the city of Shanghai. The outlet is Citi’s ninth in Shanghai. A ceremony was held to mark the opening, attended by Mr. Don Callahan, Chief Administrative Officer of Citi, Mr. Stephen Bird, Chief Executive Officer of Citi North Asia, Head of Consumer Banking and Global Cards of Citi Asia Pacific, as well as government officials from CBRC and PBOC Shanghai.
Mr. Don Callahan said, “China is one of Citi’s highest priority markets, our business here continues to grow strongly, and we are delighted to be making our services available to more customers through the opening of world-class outlets such as the one being launched today. In 2008 Citi will continue to invest in China and build out our business here across a wide array of areas as we continue to play an active role in the ongoing growth and development of China’s financial services sector.”
Mr. Stephen Bird noted, “When Citi launched RMB services to local residents, we made a strong commitment to provide the very best products and a superior customer service experience. As Citi China continues to consolidate our presence in key cities such as Shanghai, it is pleasing that outlets such as the one we are opening today will enable increasing numbers of customers to enjoy both of these benefits.”
The new sub-branch is a full service outlet, providing foreign currency and RMB products and services. It houses 25 highly trained and experienced banking service staff, including personal bankers and Citigold relationship managers. Like all other Citi retail outlets in China, the new Yalong outlet provides both Citibank and Citigold services. Customers using the Citibank service, which requires a minimum balance of RMB80,000 or above, will be provided with a choice of a comprehensive range of services to manage their wealth. Services provided at the outlet include savings and investment products, such as the multi-currency deposit, flexible time deposit, premium account, and structured investment account; mortgage loans; insurance, with products designed to both protect and grow wealth; remittance services, including Citi-RemEx, which allows customers to remit funds from Citi China accounts to Citi Greater China accounts within three hours.
The outlet also features a Citigold service center, designed to provide world-class wealth management services. The Citigold offering, which requires a minimum balance of RMB500,000 or more, is distinguished by factors that include team-based relationship managers for personalized banking products and services, access to global research and dedicated information channels, unique proprietary tools such as Citigold Financial Needs Analysis, and membership rewards and privileges. Citigold also leverages a professional team of Citi analysts who monitor market trends and the latest financial developments from around the world to provide in-depth market insight, providing customers with world-class research and market information.
The new Shanghai Yalong Sub-branch is located in the Yalong Shopping Mall at the corner of Xizang Road and Jinling Road. Citibank’s China network currently comprises 26 outlets located in Shanghai, Beijing, Guangzhou, Shenzhen, Tianjin, Chengdu, Hangzhou and Dalian.
Since launching RMB services to local residents on April 23, 2007, Citi China’s consumer banking business has achieved a large number of firsts as it met local customer demand for high quality banking services. Key highlights include: first bank to launch QDII products investing in offshore mutual funds; first foreign bank to launch investment-linked insurance products; first bank to offer QDII products investing in foreign currency corporate and government bonds; first foreign bank to launch mortgage refinancing; and first bank to open a drive-through ATM.
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