Citibank enters Beijing consumer market

BEIJING, March 25 (UPI) -- Citibank Thursday launched a consumer banking business in Beijing that will also offer foreign currency accounts, an official of the U.S. bank said.

China is a strategic priority for Citigroup, whose commitment to China is stronger than ever, Robert Willumstad, Citigroup president and chief operating officer, told a news conference.

He said the Chinese market for Citibank's consumer banking service would grow steadily along with the nation's growing economy.

Citibank was the first international bank to provide comprehensive banking service to Chinese nationals when it opened its Shanghai consumer branch in March 2002, Xinhua reported.

Citigroup is the largest foreign bank in China.