Citigroup to Add 70 Retail-Banking Branches in Asia During Next 12 Months

Citigroup Inc., the third-biggest U.S. bank by assets, said it plans to add 70 retail branches in Asia during the next 12 months.

The expansion will increase the number of Citigroup’s branches by 10 percent to 780, spokesman James Griffiths said today. The Wall Street Journal reported the New York-based bank’s plans earlier on its website.

Citigroup also hopes to announce a partner for an equity brokerage joint venture in China by yearend, the newspaper reported, citing an interview with Asia-Pacific Co-Chief Executive Officer Stephen Bird.

“China is a priority market for Citi globally, and we’ve said we are actively pursuing a local underwriting license, but we have no further updates now,” Griffiths said in a telephone interview from Hong Kong.

To contact the reporter on this story: Craig Trudell in New York at ctrudell1@bloomberg.net

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