Customers operate ATM at a Citibank branch in Hong Kong in south China, Oct. 3, 2006.
BEIJING, July 30 (Xinhua) -- Citibank (China) Co., Ltd. obtained on Thursday a business license from Chinese securities regulator to provide securities investment fund custody services for publicly-offered funds and private equity funds in China, reported Xinhua-run Xinhua Finance.
Hence, Citibank (China) Co., Ltd. became the first global major custodian bank that has been approved to provide services of the type in China.
Christine Lam, CEO of Citi China and president of Citibank (China) Co., Ltd., said the bank is glad to help its global clients participate in the opening-up of China's capital market and exploit its advantages in cross-border service to provide unified standard services for clients in China and overseas market.
By far, Citi has provided cross-border securities services related to the China market for more than 20 years and has been deeply involved in businesses relative to foreign institutions' entry into China's capital market including the qualified foreign institutional investors (QFII) program, RMB QFII (RQFII), and China Interbank Bond Market Direct (CIBM Direct) scheme.
Citigroup, a leading global bank, has established custody business departments in 63 markets around the world and manages assets of around 28.5 trillion U.S. dollars. Its custody service networks provide clients with local custody services, advanced technology support and customized solutions. (Edited by Duan Jing with Xinhua Silk Road, email@example.com)