Citigroup to focus on SMEs

A Citibank stand at a financial exhibition in Beijing.Sha Lang

SHANGHAI: Citigroup Inc, the biggest US bank, will step up efforts to court Chinese small and medium-sized enterprises (SMEs) as its business in that sector generated triple-digit growth last year.

The first group of overseas lenders will soon be issued with licenses to conduct business as local entities, after which they will compete with domestic rivals in various fronts, especially in renminbi retail business, wealth management and corporate financing.

Citigroup, which holds stakes in Shanghai Pudong Development Bank and Guangdong Development bank, plans to add about 1,000 workers to its China operations this year, boosting its staff strength in the country to around 4,000, the lender's chief executive for China business, Richard Stanley, said yesterday.