Citibank (China) Co., Ltd. Named Best Foreign Bank in China

Citibank (China) Co., Ltd. (“Citi China”) has been awarded the title of “2007 Best Foreign Bank in China” by The Economic Observer as part of its China Best Bank Awards series.

Commenting on the award, the judging panel of Awards program noted, “Backed by its vast global network and platform, rich financial expertise, leading innovative spirit and advanced management system, Citi China scored strong growth in 2007 with a 99 percent increase in its operating income.”

Andrew Au, CEO of Citi China, said: “We are delighted to have received this award, which is strong recognition of the progress Citi is making in China. We are deeply committed to being the most customer focused international bank in China, and I would take this opportunity to thank our customers who give us their trust and support, as well as our employees who work tirelessly to serve our customers and grow our business in China.”

Citi China was among the first foreign banks to locally incorporate on April 2, 2007, and launched RMB services to local residents on April 23, 2007. Since then, all of Citi’s businesses, including its corporate bank, consumer bank, and private bank have performed strongly. Earlier this year, Citi China announced its operating profit for 2007 was up 99 percent to RMB 2.2 billion, with net income reaching RMB 665 million.

This is the inaugural year for The Economic Observer’s China Best Bank Awards program. In total, 21 local and foreign banks were short-listed for selection in various categories. The evaluation process, which included members of the public as well as representatives from the media, academia and the banking industry, ran over a four-month period.