Citibank (China) Co. Ltd, one of the first foreign-invested banks locally incorporated in China, announced yesterday that it has won regulatory approval from the Hubei Banking Regulatory Commission to launch two new lending companies in the province in a bid to make credit more accessible in rural areas.
Citibank noted that it is the first foreign bank to be approved to establish lending companies in China. The two new lending companies, which are expected to start operation within several months, are located in Gong'an county and Chibi city, in Hubei province.
The new companies will offer secured and unsecured loans to underserved segments of the local population and enterprises.
Agriculture and economy of Gong'an county and Chibi city have been developing in recent years, which have resulted in growing credit demands.
Last year, HSBC<5> opened a rural bank in Suizhou city in Hubei province, becoming the first international bank to enter China's fast growing rural market.
|
