Banking

CITIC Bank Int'l opens Singapore branch

(Xinhua)
Updated: 2010-12-30 10:12

SINGAPORE - The first Singapore branch of CITIC Bank International (CBI) opened Wednesday, as part of a regional expansion plan of its parent China CITIC Bank Corporation.

The full-service commercial bank told Xinhua that the Singapore branch is also its first in Southeast Asia, a region that is China's fourth largest trading partner.

The Singapore branch would serve businesses in southeast Asia, including its corporate customers and partners, as well as customers who have investment in China.

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The Singapore branch also has plans to introduce private banking services in 2012, CBI said.

The new branch will provide a range of wholesale banking and treasury services, ranging from renminbi products and services to working capital financing and foreign exchange services.

"Our investment in Singapore underscores CBI's commitment to be closer to clients' business needs, and to help clients realize their growth potential in Asia," CBI chief executive officer Doreen Chan said.

The Singapore branch would spearhead the growth of the bank's businesses in Singapore and southeast Asia, she added.

China CITIC Bank Corporation is the banking arm of China's largest investment firm CITIC Group and one of the large commercial lenders in China. It is dually-listed in Shanghai and Hong Kong.