Citi China Announces Approval to Operate as a Locally Incorporated Bank

Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citi's trademark red arc include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.

Citi China
Citi first established an office in China on May 15, 1902, in Shanghai. Today Citi is the premier foreign bank operating in China, offering the broadest product range of any foreign bank in China. Citi currently operates six corporate & investment bank branches in Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, and Chengdu, sixteen consumer bank outlets in Shanghai, Beijing, Tianjin, Guangzhou, Shenzhen and Chengdu, and one representative office in Xiamen. With operations in more than 100 countries around the world, Citi is the most global of all foreign banks in China.


	Printer Friendly Page		FOR IMMEDIATE RELEASE Citigroup Inc. (NYSE: C) March 20, 2007 Citi China Announces Approval to Operate as a Locally Incorporated Bank Citi to Be One of First Foreign Banks in China to Provide RMB Services to Local Residents Shanghai – Citi China announced today that it has been granted final approval by the China Banking Regulatory Commission (“CBRC”) to commence operations as locally incorporated bank, and will be one of the first foreign banks in China to do so. As a locally incorporated bank, Citi will be able to provide unrestricted local currency retail banking and wealth management services to Chinese nationals, and will enjoy a regulatory framework similar to that of local banks. Citi anticipates being in a position to commence business as locally incorporated bank in the coming weeks. Mr. Richard Stanley, Chief Executive Officer of Citi China, said, “We are delighted with the opportunity that we have been given to broaden our service offering and we will continue to introduce world-class products and services to China that generate genuine value for our customers. Today’s approval marks the beginning of an unprecedented new chapter in Citi’s long history in China, as we strive to be the best customer-driven foreign bank in this vital market.” The approval to locally incorporate comes at a time when Citi’s business in China is growing with strong momentum. In December 2006, Citi announced its consortium had successfully completed an agreement to acquire an 85.6% stake in Guangdong Development Bank, a unique deal that allows Citi significant management influence at a national bank with a large branch presence. Citi’s strong local partnerships with both Guangdong Development Bank and Shanghai Pudong Development Bank complement Citi’s own growth strategy for China, which has seen its workforce grow to more than 3,000 and the development of a product range that is the broadest of any foreign bank in China. In January 2007 Citi added three new consumer outlets to its network, and is currently preparing to open a new branch in the important city of Hangzhou. “We believe that local incorporation of foreign banks is a positive step for the Chinese banking sector, and we thank the CBRC for this approval, and congratulate them on their open and consultative leadership style throughout the application process,” Mr. Stanley said. # # # Citi Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citi's trademark red arc include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com. Citi China Citi first established an office in China on May 15, 1902, in Shanghai. Today Citi is the premier foreign bank operating in China, offering the broadest product range of any foreign bank in China. Citi currently operates six corporate & investment bank branches in Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, and Chengdu, sixteen consumer bank outlets in Shanghai, Beijing, Tianjin, Guangzhou, Shenzhen and Chengdu, and one representative office in Xiamen. With operations in more than 100 countries around the world, Citi is the most global of all foreign banks in China.