In this environment then, what is Citigroup’s best method of operation? Once
reentry to the market was allowed, Citigroup pushed hard to maintain its control in China
by avoiding joint ventures and operating independently. As this strategy stalled and its
competitors gained the upper hand in the country, Citibank changed its approach to
embrace joint ventures and entertain the idea of buying into the state bank system...
http://repository01.lib.tufts.edu:8080/fedora/get/tufts:UA015.012.DO.00098/bdef:TuftsPDF/getPDFAGRICULTURAL BANK OF CHINA PARTNERS WITH CITI FOR INTERNATIONAL PAYMENTS
HONG KONG - September 14, 2009 – Citi's Bank Services Group, a division of Global Transaction Services, has announced a partnership with Agricultural Bank of China. Under the landmark mandate, Citi will provide the Agricultural Bank of China with international payments processing for on-site check services that enable expansion of its banking services to consumer clients.
For Agricultural Bank of China, the partnership will support check payments for 16 different currencies from a single Citi account. Aside from improving operational efficiency, Citi's on-site check solution will provide Agricultural Bank of China with fraud prevention upgrades, 24-hour foreign exchange capabilities, and daily foreign exchange spot rates. All checks issued through Citi's solution will be customized with Agricultural Bank of China's corporate logo.
http://www.citibank.com/transactionservices/home/about_us/press_room/archives/2009/2009_0914agric.jspCitibank Partners with Schroders to Become First Bank in China to Offer Global Mutual Funds
http://www.allamericanpatriots.com/48730754_investing_citibank_partners_schroders_become_first_bank_china_offer_global_mutual_fundsSHANGHAI PUDONG DEVELOPMENT BANK
Citi currently holds a 3.78% stake in Shanghai Pudong Development Bank(SPD Bank), with the option of increasing this stake subject to regulatory approval. Citi holds one seat on SPD Bank's Board of Directors. Citi provides SPD Bank with product and technical assistance to support its strategic vision and objectives as part of a long-term commitment to this strategic relationship.
GUANGDONG DEVELOPMENT BANK
Citi holds a 20% equity stake in Guangdong Development Bank (GDB), after a consortium that it led completed an agreement to purchase an 85.6% stake on December 19, 2006. As an investor and technical services provider with significant management influence, Citi aims to further enhance GDB's corporate governance standards...
GDB operates as a locally licensed bank with its own board, management and brand identity. Citi has a total of six members on GDB's Board of Directors, consisting of five non-independent Directors and one independent Director.
http://www.citi.com.cn/html/en/about_us/Investment_program.htmlChina is just marginally a bigger lender to the US than Japan. The people of the US are the biggest creditors of the US (in the form of social security).