In addition to Wafangdian, Citi currently has two lending companies operating in Hubei Province, in the towns of Gong’an and Chibi
Citi China has opened a new lending company located in the town of Wafangdian, near Dalian in Liaoning Province – reported The Asian Banker. It will be known as Dalian Wafangdian Citi Lending Co.(Citi Credit). Reportedly, the lending company is Citi’s third in China and its first in the Northeastern region of China.
The bank has said that 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 RMB17 million.
Stephen Bird, CEO of Citi Asia Pacific, said: “China remains one of Citi’s 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.”
Andrew Au, Chief Executive Officer of Citi China, said: “We 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,” reported the website.