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Citibank opens lending company in central China

(Xinhua)
Updated: 2008-12-16 19:44

Citibank opened its first lending company on the Chinese mainland Tuesday to offer loan service to the country's rural areas, many of which lack funds for development.

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The Gong'an Citi Lending Co Ltd in Gong'an County, Hubei province, has a registered capital of 17 million yuan ($2.48 million). It was invested by Citibank Overseas Investment Corporation.

The company would offer both secured and unsecured loans to meet the demands of local residents, making it easier to qualify for loans and thus supporting local economic development, Citibank China chief executive Andrew Au said at the opening ceremony.

The lending company only offers loans to individuals and small enterprises. Each loan will not exceed 1.7 million yuan.

Gong'an County has a population of more than one million and covers about 2,200 square kilometers.

The opening of Citi Lending marked a significant step toward opening up rural financing to the outside to promote rural development, said Duan Yindi, deputy director of China Banking Regulatory Commission's Hubei Bureau.

Duan said another Citi lending company has been approved and will open in Chibi City, Hubei, in the first quarter next year.

Citigroup, the largest US bank by assets, began offering RMB service in April last year. It now has eight branches, two investment bank offices and 24 consumer bank outlets in China.