Citigroup to expand China staff by one third in 2007

US banking giant Citigroup aims to expand its staffing in China by one third in 2007 as it ramps up business in the fast-growing loan market, state press reported Thursday.

Citigroup plans to add about 1,000 workers in China this year, boosting the number of staff to 4,000, the lender's China chief, Richard Stanley, told the China Daily.

The New York-based lender, which runs 16 outlets across China, is targeting small- and medium-sized companies as part of its plan to expand its loan business, said Henry Zhang, head of commercial banking at Citigroup China.

"Although SMEs have become a powerful impetus behind China's fast-growing economy, they still face difficulties in addressing various operational and financing issues," Zhang said.

Several overseas lenders will soon have licenses to offer banking services and financing in the same way as local banks following rule changes in January that opened the sector to foreign competition.

Citigroup, which holds stakes in Shanghai Pudong Development Bank and Guangdong Development bank, also said it was keen to enter the brokerage sector in China and would do so once regulatory restrictions were removed.

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