Shanghai, China (PressExposure) October 28, 2009 -- Citi China announced today the opening of a new lending company located in the town of Wafangdian, near Dalian in Liaoning Province. It will be known as Dalian Wafangdian Citi Lending Co., Ltd. (âCiti Creditâ). A ceremony was held to mark the opening, attended by Mr. Stephen Bird, Chief Executive Officer of Citi Asia Pacific, Mr. Andrew Au, Chief Executive Officer of Citi China, Mr. Anand Selva, Country Business Manager of Citiâs Consumer Group, China, as well as senior local regulators and government officials. The lending company is Citiâs third in China and its first in the Northeastern region of China.
Stephen Bird said, âChina remains one of Citiâs highest priority markets around the world, and we will continue to expand our presence here across multiple lines of business. The establishment of our latest lending company in Wafangdian reflects our intent to also bring our expertise and experience to smaller towns and counties in China where we can make lending services available to help local people achieve their goals and improve their lives.â
Citi Credit in Wafangdian will be staffed with ten bankers, and will offer both secured and unsecured loans to the underserved segments of the local population. Its target client base will include individual borrowers, the self-employed and micro-enterprises. The new lending company has registered capital of RMB 17 million. Wafangdian covers an area of approximately 3,794 square kilometers, and has a population of 1.03 million people. Wafangdian has rich agricultural and mining resources, a sizable fishing industry, and has demonstrated robust commercial and industrial development. It has been designated as a pilot location for rural banking reforms.
Andrew Au said, âWe are delighted to be open for business in Wafangdian, where we see significant credit demand driven by local economic growth. We intend to build a commercially sustainable business here, as we give the residents of Wafangdian a new financing option which we believe will result in a winning proposition for our clients and Citi alike.â
Citi was the first international bank to launch the lending company model in China. In addition to Wafangdian, Citi currently has two lending companies operating in Hubei Province, in the towns of Gongâan and Chibi.