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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)