Citi Named Best Foreign Commercial Bank in China

Shanghai, China – Citi has been named by FinanceAsia magazine as the “Best Foreign Commercial Bank in China” in 2012.

Andrew Au, Chief Executive Officer, Citi China, said: “We thank FinanceAsia for its recognition of our work in China. 2012 marks the 200th anniversary for Citi globally, and it is also the 110th anniversary for us in China. It has been another strong and robust year for us, as we saw continuous development and growth momentum across all our businesses in China.”

Commenting on the decision to grant Citi China its award, the editors of FinanceAsia noted: “In the year that many foreign banks became cautious and slowed their investment in the world’s second-biggest economy, Citi has remained committed, and its efforts have certainly paid off. During the past year, the bank has performed strongly across multiple business lines. Most notably, it received regulatory approval to become the first international bank in China to launch a card business under its own brand. The card business will likely fuel Citi’s growth momentum in China. Citi’s card approval came shortly after receiving preliminary approval to establish a securities joint venture with Orient Securities, a local Shanghai brokerage firm owned by the city’s municipal government.”

In August 2012, Citi Orient Securities Company Ltd., a joint venture between Citi and leading domestic firm Orient Securities, went operational. The joint-venture will engage in investment banking business in the Chinese domestic market, including equity and debt securities underwriting. Shortly after that, Citi announced the issuance of its sole-branded credit card in China, making it the first global bank to do so in China.

“China remains one of Citi's highest priority markets in the world,” Mr. Au added. “We continue to invest and grow in China. With the new securities joint venture and credit card offering, we are in a better position to provide both our corporate and retail customers a more comprehensive suite of products and services, as we strive to bring value to them.”

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