Citigroup has been granted approval by the China Banking Regulatory Commission to open its seventh Chinese branch, in the city of Hangzhou, about 100 miles southeast of Shanghai on the Yangtze delta. In addition to general banking services, the branch will offer Citigroup's CitiGold wealth management service.

Richard Stanley, chief executive of Citigroup China, said, "As a key economic centre that continues to prosper, there is high demand in Hangzhou for banking and wealth management services by a sophisticated population."
 
The new branch will offer a comprehensive range of RMB and foreign currency prod...