Citigroup's CEO Expresses Confidence in China's Economic and Financial Growth during Inaugural Visit

Citigroup, Inc. C plans to expand its business in China as it is fully confident in the country's economic and financial growth.

The bank will reportedly "play to its strength" to boost its business in China amid Beijing's push to attract more foreign capital, Reuters reported citing a statement from Citigroup's CEO Jane Fraser during her first visit to the country this week.

The report notes that Fraser met with the head of China's new financial regulator on Monday, the National Financial Regulatory Administration (NFRA) said in a statement.

Going ahead, China will further open its financial sector, Li Yunze, chief of China's financial regulator, told Fraser.

It was Fraser's first trip to China since taking up the CEO role in March 2021 and followed a visit by JPMorgan's chief Jamie Dimon last week as well as other global financial executives' visits in March.

Last month the company disclosed plans to pursue an initial public offering (IPO) of its consumer, small business, and middle-market banking operations in Mexico.

In April, Citi reported first-quarter FY23 net revenue growth of 12% year-over-year to $21.45 billion. 

Price Action: C shares are trading higher by 0.38% at $47.40 in the premarket session on the last check Wednesday.

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