With the new branches, Citigroup now has 16 outlets in Shanghai, Beijing, Guangzhou, Shenzhen, Tianjin, and Chengdu.

"Given the importance, size, and scale of China, Citigroup is taking a comprehensive approach to our expansion in China and organic growth remains a key priority," said Richard Stanley, chief executive officer of Citigroup China. "It is therefore pleasing to be starting 2007 with opening three new outlets in three very important cities."

All three are full service outlets, providing foreign currency and yuan products and services as permitted by current regulations. Time deposits of one million yuan (US$128,205) or higher are available to Chinese citizens at the new Beijing and Shenzhen outlets.

Citigroup has also been granted approval to open a new branch in Hangzhou in Zhejiang Province, which will open early in 2007 pending the completion of Citigroup's local incorporation in China.

(For more biz stories, please visit Industry Updates)