Citi is restructuring its private banking business in China's mainland and assured that it will continue to commit to the business, denying a news report which said the bank would close it.

As part of the restructuring, United States-based Citi is merging the private banking with its consumer banking business, a source familiar with the situation told Shanghai Daily yesterday. "It's not that we are closing the business but rather we are restructuring it into another business as an internal move," the unnamed source said.

The bank said yesterday it "remains entirely committed to the private banking sector in China and will continue to invest in it," as it appeared to deny a Reuters report which said yesterday the bank will close its private banking unit in China.

Citi looks to expand its wealth management offerings in China, according to the bank's spokesman on the mainland yesterday.

(Shanghai Daily January 14, 2009)