China

The International Banking Corporation (IBC) opened a branch in Shanghai. The bank was known as the Hua Qi or “Flower Flag” Bank locally because the stars on the American flag that flew atop the branch looked like representations of flowers to the local community.

The Bank was one of the major foreign banks in China.

Established an office in the Shenzhen special economic zone of China.

Became the only U.S. bank with a branch in Shanghai.

Citi was the first international bank to move its China headquarters to the mainland from Hong Kong.

Received approval from People’s Bank of China to provide custodial services for Qualified Foreign Institutional Investors (QFII) in China.

Citigroup Tower in Shanghai became the headquarters for China franchise and opened a China Consumer Flagship Branch in the tower.

Citi launched its first annual Global Community Day. Over 30,000 Citi China volunteers have participated in over 300 volunteering activities, contributing about 100,000 hours to the communities we live and work in, during the past 16 Global Community Day.

Granted approval by the China Banking Regulatory Commission to commence operations as a locally incorporated bank, one of the first foreign banks to do so.

Received regulatory approval to act as an Interbank Bond Market Maker.

Became one of the first two global banks approved to establish a presence in the Shanghai Free Trade Zone in China.

Awarded Futures Margin Depository Bank license by China Financial Futures Exchange, enabled Citi to provide futures margin deposit service to our QFII and RQFII clients with a complete market access solution for China.

Became the sole foreign bank in Shanghai and the Greater Bay Area to obtain approvals from SAFE (State Administration of Foreign Exchange) to carry on the Trade Facilitation Pilot Scheme.

Became the first American bank to secure a domestic fund custody license from the China Securities Regulatory Commission (CSRC), and was first bank among the top 5 global custodians to do so.

Received approval from Shanghai Futures Exchange and International Energy Exchange to become the first US bank with the license to act as a Futures Margin Depository Bank.

Became the first foreign bank to implement the Forex Simplification Program by China State Administration of Foreign Exchange.