Citi China opens a new lending company located in the town of Chibi in Hubei Province. It will be known as Hubei Xianning Chibi Citi Lending Co., Ltd. (“Citi Credit”). A ceremony was held to mark the opening, attended by Andrew Au, Chairman of Citibank (China) Co., Ltd. and CEO of Citi China, Anand Selva, Executive Vice President of Citibank (China) Co., Ltd and Country Business Manager of Consumer Group, China, as well as senior local regulators and government officials. The lending company is Citi’s second in China following the launch of its first lending company in Gong’an, also in Hubei Province, in December 2008.
The establishment of Citi’s second lending company underlines Citi’s commitment to supporting the advancement and availability of financial services in underdeveloped areas in China. In recognition that access to credit is the most urgently needed financial services requirement in less developed areas of China, Citi Credit will focus on offering secured and unsecured loans to the underserved segments of the local population, and supporting local economic development by making credit more accessible. The new lending company has registered capital of RMB 17 million.
“China remains one of Citi’s highest priority markets anywhere, our business is performing well here, and we will continue to expand our presence in China over the long term, including to less developed regions where we can make lending services available to help local people achieve their goals and improve their lives,” says Andrew Au.
Chibi is located in Hubei Province in Central China. It covers an area of approximately 1,723 square kilometers, and has a population of more than half a million people.
“Today’s launch of Citi Credit gives the residents of Chibi a new financing option which we believe will result in a winning business proposition for our clients and Citi alike,” says Anand Selva. “We are committed to developing the lending company model in China as a sustainable and profitable element of Citi’s overall operations in China, and intend to open more in the future.”
The new lending company is located at 1F, Tianjiao Shishang Aigou Plaza, No. 207 Hebei Avenue, Chibi, Hubei Province. Citi expects to open a third lending company in Wangfangdian in Dalian in second half of 2009.
D.C.