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Citigroup Continues Expansion From East Coast
Citigroup (NYSE:C) has received regulatory approval for a new branch in Guiyang, Guizhou province, expanding its growing network in China to 10 cities, Chief Executive Vikram Pandit stated to China Daily on February 4. The branch follows the establishment of two lending companies in Hubei and Liaoning provinces last year and will open in the first half of this year. "We see the need in some of the smaller cities and towns, where customers are largely underserved. The lending company model could channel the savings from cities to regions where lending is needed," Au said. The bank is also "actively looking" for a local partner to expand its presence in the securities market, he said.
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