Citigroup CEO promises Beijing China expansion. During her first visit to China as Citigroup (C.N.) CEO this week, Jane Fraser, said the bank would continue to develop in China amid Beijing’s effort to recruit more foreign capital.
The National Financial Regulatory Administration (NFRA) said on Wednesday that Fraser met with the head of China’s new financial regulator on Monday.
According to the NFRA release, Fraser and accompanying executives are “fully confident in China’s economic and financial growth,” Citi “will play to its strength and continue to expand its business in China.”
Her first visit to China since becoming CEO in March 2021 after J.P. Morgan CEO Jamie Dimon’s last week and other global banking executives’ visits in March.
Most CEOs were reluctant to openly express their enthusiasm for increasing their China business since they had to balance displaying commitment to China and not antagonizing the U.S.
Citi provides corporate, institutional, global markets, wealth, and other banking services in China.
Due to a global strategy shift, the U.S. lender began shutting down its retail banking business in China last December, affecting 1,200 local employees.
Li Yunze, China’s finance regulator, told Fraser that China would open its financial industry.
Since last year, China’s municipal governments and business representatives have been traveling abroad to recruit foreign direct investments to meet growth and employment goals.
China securities brokerage application by the bank.
Fraser is the first foreign executive to see Li since he became the regulator of China’s multi-trillion dollar financial industry, excluding securities, in May.
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