Citigroup private bank opens first office in mainland China
Citigroup has opened its first private bank office in mainland China. The new Shanghai Private Bank Office, which operates as a unit of Citibank, will offer approved foreign currency products to Chinese and foreign residents and approved currency products to foreign residents.
Citigroup says with regulatory approval, it hopes to expand the product suite and to establish offices in other Citibank branches in China.
According to Todd Thomson, chairman and CEO of Citigroup Global Wealth Management, more and more high-net-worth investors in the mainland are looking to invest in more sophisticated range of financial instruments in order to meet their investment objectives.
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