Warmer weather for SMEs in China
Last year SME lending in China reached $691 billion - a mere 24 percent of all loans. Citigroup and HSBC are getting ready to pick up the slack from local banks.
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March 16, 2007
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Citigroup intends to increase its stake in China's Pudong Development Bank, Richard Stanley, CEO of Citigroup China.
Citigroup was in discussions with the Shanghai-based Pudong Development Bank on increasing its share-holding later this year. However the domestically-listed bank had not yet been contacted by Citigroup China about the issue.
Meanwhile, this year Citigroup China will open more business outlets and expand its workforce to 4,000 people on the mainland, according to Stanley. Citigroup now holds a 19.9 percent-stake in Pudong Development Bank.
See more in www.researchinchina.com
Posted by: yan | Mar 21, 2007 5:24:42 AM