Citigroup plans to spread out

SHANGHAI: Citigroup Inc, the biggest US bank by assets, is planning to extend private banking services to more cities in China, including Guangzhou, capital of South China's Guangdong Province.

The bank, one of the first foreign institutions to offer the service targeting China's new rich in big cities such as Beijing and Shanghai, is looking to enlarge its customer base and increase the number of its specialized customer managers substantially from the current 13.

Both domestic lenders and their overseas rivals are vying to cash in on China's fast-growing army of new rich by providing customized financial services for the wealthy.