Citi Opens for Business in Central China
First International Bank to Launch Lending Company Model in China.
Hubei Province – Citi China officially launched its first lending company today. Hubei Jingzhou Gong’an Citi Lending Co., Ltd. (“Citi Credit”) is located in Gong’an of Hubei Province. A ceremony was held to mark the opening, attended by senior members of the local government, representatives from the China Banking Regulatory Commission, and Mr. Andrew Au, Chairman of Citibank (China) Co., Ltd. and CEO of Citi China.
The new company is the first established by an international bank in China using the lending company model, in recognition that access to credit is the most urgently needed service requirement in less developed areas of China. Citi Credit will focus on offering secured and unsecured loans to the underserved segments of the local population, and supporting local economic development by making credit more accessible. The new lending company has registered capital of RMB 17 million.
Andrew Au said, “We understand the importance of increasing the efficiency and availability of financial services in China’s rural economy, and believe this lending company represents an excellent opportunity to utilize Citi China’s global experience and expertise to contribute towards this effort. China remains one of Citi’s most important markets globally and we will continue to grow in all areas of our business here over time.”
Located in Hubei Province in Central China, Gong’an covers an area of approximately 2,200 square kilometers, and has a population of more than one million people.
Mr. Anand Selva, Executive Vice President, Citibank (China) Co. Ltd., said, “Today’s launch of Citi Credit gives the residents of Gong’an a new financing option, one which we hope will support their financial needs and business goals. We look forward to opening additional lending companies in future, and in doing so, we intend to ensure that Citi Credit becomes a sustainable and profitable element of Citi’s overall operations in China.”
The new lending company is located at 86 Chanling Boulevard, Gong’an County, Jingzhou, Hubei Province. Citi expects to open a second lending company in Chibi of Hubei Province in the first quarter of 2009.
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