Citibank China has launched a new banking service housed within its consumer branch network designed to help owners of small enterprises.
The new initiative is designed to allow customers access to commercial banking services, while also taking advantage of a one-stop offering that caters to their personal banking needs via a single point of contact at Citibank.
Key product offerings available under the new service include: working capital loans, cash management services, and express trade.
Under the one-stop design of the new initiative, owners of small businesses that make use of commercial banking services will also be able to conduct their personal banking with Citibank, through a single relationship manager.
The new offering will be launched in Shanghai in its initial phase, with an expectation the service will be rolled out in other cities in China over time.
Nancy Zhang, head of commercial banking at Citi China, said: “Citi has a strong track record in supporting the SME sector in China, having been the first international bank to establish a dedicated SME team in 2004. We believe the new branch model we are launching today will enable us to reach a wider cross section of companies operating in this space, and in doing so will enable us to build upon the momentum we have achieved over the last six years.”