Citi, the world's top banking group, opened a new branch on
Tuesday in Dalian, Liaoning Province, continuing its rapid
development in the country despite the subprime mortgage
crisis.
"We have taken measures to deal with the subprime situation and
it will certainly have no impact on our commitment to China,"
Richard Stanley, chairman of Citibank (China), said at the opening
ceremony of the new establishment.
Citibank last week announced fourth-quarter losses of $9.8
billion from mortgage-related investment vehicles.
Stanley said China's economy is as strong as ever. The subprime
mortgage crisis will cause no change in Citibank's strategy in
China.
Dalian, which has the largest harbor in Northeast China, has
drawn the attention of global investors. Last March, Intel, the
world's largest semiconductor maker, announced an investment of
$2.5 billion to build a 12-inch wafer fabrication plant in the
city.
"We tend to open up new locations where there is good economic
development both existing and with future prospects," Stanley
said.
Citi has a staff of more than 3,500 professionals in China and
is considering new branches in the western and eastern regions of
the country.
(China Daily January 24, 2008)
