Citi gets online banking approval in China

Citibank becomes the first foreign bank to be allowed to offer corporate as well as consumer internet banking.

Citibank has announced that it has approval from the People's Bank of China to offer internet banking services in China to domestic and international companies, as well as consumers. It claims it is the first foreign bank in China to offer internet-based banking services to both groups.

HSBC, Bank of East Asia and Hang Seng Bank each won approval earlier this year to offer internet banking services to Chinese consumers.

As well as offering its CitiDirect corporate banking service for cash management, the bank has developed an internet-based payments system specifically for the country. The system enables corporate clients in China to make local currency renminbi payment transactions to...

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