Citi CEO lays out future objectives in China as core market
0 
Vikram Pandit, Citigroup's chief executive,said Thursday that China was one of Citigroup's core markets and laid out the company's future plans in China.
"China is a core market for us and the most important place where we are going to invest over time," said Pandit at an exclusive interview in Beijing.
Pandit, who has been at Citi's helm for more than two years, said the most important steps Citi had taken during the past two years were aimed at "putting the house in order".
He continued to say that, in 2010, Citi would develop very clear strategy and keep focused on its strengths, which are emerging markets, global trading , capital trading, and global services.
Citi had been growing steadily in China on the back of the country's "extremely successful" performance amid the global downturn, he said.
Pandit reaffirmed the bank's commitment to expand its presence in China by laying out its objectives in the country.
The first objective of Citi in China was to provide full services. "All services we provide anywhere else in the world will be provided in China.," Pandit said.
To that end, Citi was "actively looking at how to do securities business in China." Pandit also said Citi had not done anything yet as it was still in the process of finding "the right partner" to establish a joint venture.
"We are actively thinking about it, trying to know how best and how fast to do it," said Pandit. He also said Citi was trying to expand its securities business "completely in consultation with and under the guidance of regulator."
When asked whether China's Zhongyuan Securities, which had been reportedly to have signed a deal with Citigroup, would be the right partner, Pandit declined to comment.
Then, "we will grow our branch network and our business in China," Pandit said. Citigroup had just got permission to open a branch in southwestern Guiyang City, Guizhou Province, last week, Pandit said.
This is Citi's tenth branch in China following the bank officially opened its ninth one, Chongqing branch, on December 10, 2009.
Another objective of the bank was to help connect China's companies to the world and deepen relationships with its Chinese customers, said Pandit.
When asked about his reaction to U.S. Commerce Secretary Gary Locke's allegation that China creates "headaches" for U.S. firms, Pandit cited the bank's long history in China and said "we work very closely with the regulators in China on how best Citi could approach China."
Pandit expressed his satisfaction with the bank's financial performance in China and said "we feel very good to be part of China's growth and support lending and other services here."
Citigroup launched domestically incorporated Chinese unit Citigroup China Co. Ltd. in April 2007, becoming one of the first foreign banks able to deal with personal savings business in China.
