Hobbled Citigroup forges on in China

Troubles in the subprime mortgage market will not get in the way of its expansion plans in China, said Citigroup China chief executive Richard Stanley, according to published reports.
Mr. Stanley, who was speaking at a press briefing in Dalian, China on the occasion of the opening of Citibank (China) Co.’s eighth branch in China, said the company plans to open more branches in the country, according to a Dow Jones Newswires report.
Despite recording a $9.83 billion fourth-quarter loss due to losses in the subprime market, Mr. Stanley insisted that there has been “no impact on our commitment to China,” according to a according to a MarketWatch report.
“Globally, Citigroup has raised lots of capital while also taking other measures to deal with the subprime issues,” Mr. Stanley said.
When asked if Citigroup’s plans include setting up local brokerage ventures in China, Mr. Stanley said that the company will participate in the Chinese capital market through “whatever means allowed by regulators,” the report stated.

Related Topics: Citigroup Inc.