Citigroup CEO pledges to Beijing to continue China expansion

Citigroup’s (C.N) CEO Jane Fraser said the bank will continue to expand its business in China during her first visit to the country this week as the U.S. firm’s chief, amid Beijing’s push to attract more foreign capital.

Fraser held a meeting with the head of China’s new financial regulator on Monday, the National Financial Regulatory Administration (NFRA) said in a statement on Wednesday.

Fraser and accompanying executives said they are “fully confident in China’s economic and financial growth” and Citi “will play to its strength and continue to expand its business in China”, according to the NFRA statement.

It was her first trip to China since taking up the CEO role in March 2021 and follows a visit by JPMorgan’s chief Jamie Dimon last week，as well as other global financial executives’ visits in March.

Most of the CEOs who have visited China this year were reluctant publicly to express their enthusiasm in growing their China business, as they tread a fine line between showing commitment to China and not antagonizing the United States.

This report’s information was first seen on REUTERS; to read more, click this link.