Citibank (China) Company Limited ("CCCL") (Chinese: 花旗银行(中国)有限公司) was one of the first foreign banks to incorporate locally in mainland China in 2007. The Chinese unit of Citigroup has been operating since 1902 and became the first American bank to establish operations in China. An office tower, the Citigroup Tower, in Lujiazui, Shanghai is named after the bank. The China Banking Regulatory Commission announced on 24 December 2006 its approval for foreign banks to start their preparatory work for setting up local incorporations in mainland China. Citibank was one of nine foreign banks to have applied for the incorporation. Its subsidiary Citibank (China) was founded on 1 April 2007, and it started operations on 2 April. More information...
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