Citibank China approved to open branch in Chongqing

Jul. 29, 2009 (China Knowledge) - Citibank (China) Co Ltd, the China unit of U.S.-based Citibank, has obtained approval from the China Banking Regulatory Commission to set up a branch in Chongqing in the second half of this year, the Shanghai Daily reported.

The new bank will be the lender's ninth branch in mainland China.

Citibank always attaches great importance to the Chinese market and will continue to expand its presence in the market, said William Rhodes, senior vice chairman of Citigroup and Citibank.

Citibank China's net income hit RMB 1.3 billion in 2008, up 95% from a year earlier, according to an earlier report from China Knowledge.

Operating revenue surged 46% from the previous year to RMB 3.6 billion last year.

Last year, the bank's RMB loans climbed 17% from a year ago, while the capital adequacy ratio increased to 13.6% from 11.5% in 2007. Meanwhile, its nonperforming loan ratio remained low at 0.6%.