Citigroup intends to increase its stake in China's Pudong
Development Bank, Richard Stanley, CEO of Citigroup China, said on
Wednesday.
Stanley was reported by China Securities Journal on
Thursday that Citigroup was in discussions with the Shanghai-based
Pudong Development Bank on increasing its share-holding later this
year.
However, Shen Si, secretary of the board of Pudong Development
Bank, told Xinhua that the domestically-listed bank had not yet
been contacted by Citigroup China about the issue. Shen declined to
comment further.
According to the China Securities Journal report, Stanley
also said that Citigroup was keen to take part in China's capital
market.
Citigroup China was negotiating with many securities firms on
possible partnerships, but it had no specific goal at the present
time, he said.
He said such partnerships relied on whether the local industry
watchdog would permit Citigroup to establish a joint-venture
securities firm with a local partner.
Stanley said one of the most important tasks for Citigroup China
this year is to incorporate a local bank.
"If the China Banking Regulatory Commission approves it,
Citigroup will launch another branch on the Chinese mainland in
April," Stanley said.
Meanwhile, this year Citigroup China will open more business
outlets and expand its workforce to 4,000 people on the mainland,
according to Stanley.
Citigroup now holds a 19.9 percent-stake in Pudong Development
Bank.
(Xinhua News Agency March 15, 2007)