BEIJING (Reuters) – Citigroup CEO Jane Fraser has said the bank will continue to expand its business in China, China’s new financial regulator said on Wednesday, as the chief executive made her first visit to the country since joining the country. she is the head of the American banking group.
Jane Fraser met with the head of the National Regulatory Authority (NFRA), Li Yunze, on Monday, the regulator said in a statement.
Li Yunze told Jane Fraser that China would further open up its financial sector as part of its efforts to attract foreign investment.
According to the regulator’s statement, Citigroup’s CEO and senior bank executives, who accompanied her on her visit, said they were “fully confident in China’s economic and financial growth” and that Citi “will play its part.” strength and will continue to expand its business in China”.
Citigroup, which began pulling out of China’s retail banking market in December, is in the process of getting permission to set up a stock brokerage firm in China after filing an application in late 2021.
Jane Fraser’s trip to China follows a visit by JPMorgan boss Jamie Dimon last week, as well as those of other global financial leaders in March.
Most business leaders who have visited China this year have been reluctant to publicly express their enthusiasm for expanding their businesses in the country, not wanting to antagonize the United States amid heightened tensions between the two economic powers.
(Writing report from Beijing and Selena Li in Hong Kong; Lina Golovnya, edited by Blandine Hénault)
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