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Citigroup plans China expansion despite geopolitical strains


Citigroup CEO Jane Fraser, during her maiden visit to China as chief executive, affirmed the bank's commitment to expanding its business in the country, despite rising geopolitical tensions. The meeting with China's new financial regulator, the National Financial Regulatory Administration (NFRA), manifested Fraser's confidence in China's economic and financial growth. Unlike many global executives cautious about expressing enthusiasm for Chinese growth, Fraser was explicit in Citi's intention to leverage its strengths in the expanding Chinese market. This announcement comes amidst some international companies facing difficulties operating due to US-China tensions. Despite winding down its retail banking business in China, CITIGROUP is seeking to establish a securities brokerage, signalling a strategic shift towards corporate and institutional banking.

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