China: Citi Was "Prudent And Careful" During The Financial Crisis

citibank sign tbi

Post-financial crisis, China wants Citi to become even larger within its borders. Apparently the US government’s 34% stake in the company isn’t an issue either.

Regulators here actually appear friendly to the bank. Maybe it is because they want to turn Shanghai into a new financial hub or expand Chinese banks into the US.

WSJ: Citigroup’s China unit was “very prudent and careful” amid the global financial crisis and now should be “expanding, absolutely,” Yan Qingmin, director of the Shanghai branch of the China Banking Regulatory Commission and one of the top regulators for foreign banks in the country, told The Wall Street Journal in an interview.

Showing an unusual willingness by a regulator to comment on an individual company, Mr. Yan offered a glimpse into how China views the recent overhaul of the U.S. financial system and said Citigroup should take advantage of growth in the Chinese economy and expand in the world’s most populous nation.

Read more here.

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