U.S.-based Citibank established a new sub-branch in Chengdu, the capital city of southwest China's Sichuan Province, on Wednesday. Andrew Au, chairman and CEO of Citibank (China) Co. Ltd., said that Citibank will continue to invest in China and that Chengdu will play an important role in its investment plan. "It is our pleasure to open a new sub-branch in Chengdu, a key commercial center in western China," Au said. Citibank, the first American bank to establish operations in China, operates about 200 million branches in more than 160 countries and regions. The bank has 12 branches and 38 retail banking networks in China, most of which are located in the major cities of Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin and Chengdu. According to local authorities, other foreign banks have opened 11 branches and one representative office in Chengdu. Only Beijing, Shanghai and Guangzhou have more foreign bank branches and offices, local authorities said.
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