Citi has officially opened its Hangzhou branch in China, offering banking and wealth management services to both corporate and individual customers.

William Rhodes, senior vice chairman of Citi and chairman, president and CEO of Citibank opened the branch at a ceremony held in Hangzhou.

Mr Rhodes said that, as China is one of Citi’s highest priority markets globally, the company will continue to invest there to consolidate its leadership in providing banking services to Chinese consumers and companies.

The Hangzhou branch offers a wide range of products and services to multinational and local companies, Chinese residents and foreign nationals. The branch anticipates being in a position to offer RMB services to local residents and companies in the near future.

Corporate banking services include full foreign currency cash management, trade finance and services, loans and syndication, FX transactions, project finance and structured finance.

Retail customers in Hangzhou can select from two types of service offering. The first is the regular Citibank service, which requires a minimum balance of RMB80,000 or above. The Citibank services 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; and remittance services, including Citi-RemEx, which allows customers to remit funds from Citi China accounts to Citi Greater China accounts within three hours.

The second category of service offering is Citibank’s Citigold wealth management offering, which requires a minimum balance of RMB800,000 or more.