Citi, the world's top banking group, opened a new branch on Tuesday in Dalian, Liaoning Province, continuing its rapid development in the country despite the subprime mortgage crisis.

 

"We have taken measures to deal with the subprime situation and it will certainly have no impact on our commitment to China," Richard Stanley, chairman of Citibank (China), said at the opening ceremony of the new establishment.

 

Citibank last week announced fourth-quarter losses of $9.8 billion from mortgage-related investment vehicles.

 

Stanley said China's economy is as strong as ever. The subprime mortgage crisis will cause no change in Citibank's strategy in China.

 

Dalian, which has the largest harbor in Northeast China, has drawn the attention of global investors. Last March, Intel, the world's largest semiconductor maker, announced an investment of $2.5 billion to build a 12-inch wafer fabrication plant in the city.

 

"We tend to open up new locations where there is good economic development both existing and with future prospects," Stanley said.

 

Citi has a staff of more than 3,500 professionals in China and is considering new branches in the western and eastern regions of the country.

 

(China Daily January 24, 2008)