A sign of Citibank, US banking giant [Photo:cnsphoto]

US banking giant Citibank will roll out a branch in Northeast China's Dalian, after its Hangzhou branch opened in July.

The lender has been approved by the China Banking Regulatory Commission to open a branch in the city later this year, its eighth in China.

"With its excellent infrastructure and outstanding support for foreign investment, the thriving city of Dalian represents a key city for Citi's expansion plans in China," William R Rhodes, chairman, president and chief executive officer (CEO) of Citibank NA, said yesterday. "Citi is delighted to be consolidating our presence in Dalian with the opening of a new branch."

Richard Stanley, CEO of Citi China, said the lender chose Dalian because of its high demand for banking and wealth management services.

The new branch will offer renminbi and foreign currency products and services to multinational and local companies, Chinese residents and foreign nationals.

It will also provide services designed to meet the needs of corporate customers, such as cash management, electronic banking, structured corporate finance and research services.

"Citibank will be the first US bank to set up a branch in modern Dalian," said Xia Deren, mayor of Dalian. "I believe the establishment of the branch will further promote the industrial and commercial communications between the city and America."

Citibank's history in Dalian dates back to 1923, when the lender built its first Dalian branch. The group had to leave during World War II.