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Beijing — Citigroup would continue to expand its business in China, CEO Jane Fraser said during her first visit to the country as the US firm’s chief, amid Beijing’s push to attract more foreign capital.
Fraser held a meeting with the head of China’s new financial regulator on Monday, the national financial regulatory administration (NFRA) said on Wednesday.
Fraser and accompanying executives said they were “fully confident in China’s economic and financial growth” and Citi “will play to its strength and continue to expand its business in China”, according to the NFRA statement.
It was Fraser’s first trip to China since taking up the CEO role in March 2021 and follows a visit by JPMorgan chief Jamie Dimon last week, as well as other global financial executives’ visits in March.
Most of the CEOs who have visited China in 2023 were reluctant publicly to express their enthusiasm in growing their China business, as they tread a fine line between showing commitment to China and not antagonising the US.
Fraser held meetings with Citi’s staff and clients, which included some of the largest US multinational companies with presence in China, a Citi spokesperson said.
International companies are finding it harder to operate as tensions between the US and China have risen. US venture capital giant Sequoia said on Tuesday it planned to spin off its Chinese business, among other changes as it navigated economic and geopolitical challenges.
Citi offers corporate and institutional banking, global markets, wealth businesses and other banking services in China. The US lender started winding down its retail banking business in China last December due to a global strategy shift, a move set to effect about 1,200 local staff.
China would open up its financial sector further, Li Yunze, chief of China’s financial regulator told Fraser.
China’s municipal governments and business officials have been trying to attract foreign direct investments through their trips overseas since late 2022 as they scramble to hit growth and employment targets.
The bank is applying to set up a securities brokerage in China.
Fraser is the first foreign executive to meet Li since he assumed the role in May, leading a regulator overseeing China’s multitrillion dollar financial industry, excluding the securities sector.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Citigroup to continue expanding in China
Beijing — Citigroup would continue to expand its business in China, CEO Jane Fraser said during her first visit to the country as the US firm’s chief, amid Beijing’s push to attract more foreign capital.
Fraser held a meeting with the head of China’s new financial regulator on Monday, the national financial regulatory administration (NFRA) said on Wednesday.
Fraser and accompanying executives said they were “fully confident in China’s economic and financial growth” and Citi “will play to its strength and continue to expand its business in China”, according to the NFRA statement.
It was Fraser’s first trip to China since taking up the CEO role in March 2021 and follows a visit by JPMorgan chief Jamie Dimon last week, as well as other global financial executives’ visits in March.
Most of the CEOs who have visited China in 2023 were reluctant publicly to express their enthusiasm in growing their China business, as they tread a fine line between showing commitment to China and not antagonising the US.
Fraser held meetings with Citi’s staff and clients, which included some of the largest US multinational companies with presence in China, a Citi spokesperson said.
International companies are finding it harder to operate as tensions between the US and China have risen. US venture capital giant Sequoia said on Tuesday it planned to spin off its Chinese business, among other changes as it navigated economic and geopolitical challenges.
Citi offers corporate and institutional banking, global markets, wealth businesses and other banking services in China. The US lender started winding down its retail banking business in China last December due to a global strategy shift, a move set to effect about 1,200 local staff.
China would open up its financial sector further, Li Yunze, chief of China’s financial regulator told Fraser.
China’s municipal governments and business officials have been trying to attract foreign direct investments through their trips overseas since late 2022 as they scramble to hit growth and employment targets.
The bank is applying to set up a securities brokerage in China.
Fraser is the first foreign executive to meet Li since he assumed the role in May, leading a regulator overseeing China’s multitrillion dollar financial industry, excluding the securities sector.
Reuters
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