Citibank China has opened a new consumer-banking outlet at Yalong Shopping Mall near People's Square in the city of Shanghai. The outlet is Citi's ninth location in Shanghai.

Citibank said that the new sub-branch is a full service outlet, providing foreign currency and RMB products and services. Like all other Citi retail outlets in China, the new Yalong outlet provides both Citibank and Citigold services, added Citi.

Customers using the Citibank service, which requires a minimum balance of RMB80,000 or above, will be provided with a choice of a comprehensive range of services to manage their wealth, according to Citibank.

Services provided at the outlet include savings and investment products, such as the multi-currency deposit, flexible time deposit, premium account, and structured investment account; mortgage loans; insurance, with products designed to both protect and grow wealth; remittance services, including Citi-RemEx, which allows customers to remit funds from Citi China accounts to Citi Greater China accounts within three hours.

Stephen Bird, CEO of Citi north Asia and head of consumer banking and global cards of Citi Asia Pacific, said: When Citi launched RMB services to local residents, we made a strong commitment to provide the very best products and a superior customer service experience. As Citi China continues to consolidate our presence in key cities such as Shanghai, it is pleasing that outlets such as the one we are opening today will enable increasing numbers of customers to enjoy both of these benefits.