Citibank stepping up its China presence.NEW YORK--(BUSINESS WIRE)--Oct. 30, 1995--Citibank's full-service commercial banking branch in Beijing, to be inaugurated tomorrow by bank chairman John S. Reed For other persons of the same name, see John Reed. John Shepard Reed (born 1939) is the former Chairman of the New York Stock Exchange. He previously served as Chairman and CEO of Citicorp, Citibank, and post-merger, Citigroup. , marks the reopening of a branch which was originally established in 1909. Citibank is the only US bank with a branch in China's capital and now has a network of offices unrivaled by other American banks in the country, spanning the major coastal regions in the north, east and south. Citibank has branches in Beijing, Shanghai and Shenzhen; representative offices in Guangzhou and Xiamen; and a head office for the country in Shanghai. Speaking at a press conference today, Mr. Reed said, "Citibank looks forward to an expanded role in China. It's a priority market for us and for many foreign direct investors. Now that we've put our network in place, we are ready to build the franchise. And we think we can help China as it goes ahead with economic development. At the same time, we want to help the country modernize mod·ern·ize v. mo·dern·ized, mo·dern·iz·ing, mo·dern·iz·es v.tr. To make modern in appearance, style, or character; update. v.intr. To accept or adopt modern ways, ideas, or style. its banking sector." Also speaking at the press conference, Mr. C Mr C (aka Mr. Chuggs, born Richard West on January 2 1964) is a British DJ, musician and rapper. Best known for fronting The Shamen during their most commercially successful era, Mr C is also an acclaimed house music DJ and co-owner/co-founder of London's The End nightclub .P. Cheng, Citibank's country manager for the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China, said that Citibank has been active in recent years in providing training for Chinese banking professionals. "We are proud of our role in assisting with the transfer of technology and technical know-how to China's fast-growing banking sector." "Citibank intends to continue its active role in assisting China in its economic and modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, initiatives, including developing the local currency banking business when it is appropriate for China in its ongoing financial liberalization lib·er·al·ize v. lib·er·al·ized, lib·er·al·iz·ing, lib·er·al·iz·es v.tr. To make liberal or more liberal: "Our standards of private conduct have been greatly liberalized . . . effort," Mr. Cheng said. The new Beijing branch is located in the CITIC CITIC China International Trust and Investment Corporation International Building and will serve primarily the northern region. It will move to new Citibank-owned premises in the adjacent Bright China Chang An Building in mid-1996. Citibank was the first U.S. bank to establish operations in China when it opened a branch in Shanghai in 1902. During the 1930's and 1940's, Citibank was one of the major foreign banks in the country, operating 14 branches in nine cities. CONTACT: Press contact: Susan Wytanis, 212/559-3897 |
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