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Citigroup to increase share holding in Shanghai Pudong(Shenzhen Daily)Updated: 2007-03-15 16:19 Citigroup Inc plans to increase its stake in Shanghai Pudong Development Bank Co later this year, Citigroup's China chief executive, Richard Stanley, said yesterday. Stanley also said the bank plans to increase its staff in China to 4,000 this year from 3,200 now, in line with the bank's planned development in the country. "We'd love to increase our stake in Shanghai Pudong," Stanley said at a press conference in Shanghai. He didn't say by how much Citigroup wants to raise its stake in the Shanghai-listed bank, but he said the deal would "hopefully" be finished later this year. Citigroup is a strategic investor in mid-sized Shanghai Pudong, holding a 3.78 percent stake. The Shanghai Securities News reported in December the US financial giant had agreed to increase its stake in Pudong Bank to 19.9 percent by the end of 2008. Under current rules, a single foreign investor is limited to holding less than 20 percent of a domestic bank and total foreign ownership is capped at 25 percent. Stanley said one of the main tasks for Citigroup's own banking business in China is to open more outlets. "We plan to open new branches and subsidiaries, as many as possible, this year, though it will rely on the China Bank Regulatory Commission's approval," Stanley said. (For more biz stories, please visit Industry Updates)
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