Citigroup's Jane Fraser visited China this week, making her the latest American banking chief to make the trip to the country.
Citibank CEO Jane Fraser made her post-reopening visit to Beijing this week and met with top officials including Li Yunze, director of the National Administration of Financial Regulation (NAFR), China’s new financial watchdog.
Fraser and accompanying executives expressed «full confidence in China’s economic and financial development» and pledged to expand Citi’s business in the country, according to a statement. NAFR also added that China’s financial industry will open further to the rest of the world.
Fraser also met with the head of the Chinese People’s Association for Friendship with Foreign Countries, according to a statement from the association, and said that the US and China should strengthen dialogue and cooperation in areas of common interest.
Onshore Business
Within mainland China, Citi has started winding down its retail banking business as part of a global strategy shift but is investing elsewhere, with an application for a securities brokerage unit underway.
Fraser’s trip to China – her first since taking up the CEO role in March 2021 – also includes meetings with Citi staff and clients such as large US multinational companies with a presence in the mainland, according to a spokesperson for the bank.
Fraser is the latest US bank CEO to pay a visit to China after Jamie Dimon, who was in the country last week to attend a JPMorgan event in Shanghai.
