Citibank is looking to expand its mainland network, which now lags behind that of its rivals, according to the lender's newly appointed Greater China head of global corporate and investment banking.
Chan Tze-ching, better known as T.C. Chan, said yesterday: 'We are eyeing some merger and acquisition opportunities, which will be a quick way to expand our network in the mainland.'
The world's largest banking group has five branches in the mainland while HSBC has 10, Bank of East Asia nine and Standard Chartered Bank eight.
Mr Chan did not give details of acquisition targets or comment on market rumours that Citibank is going to take a stake in China Construction Bank, one of the country's Big Four state-owned commercial banks, which plans to list in Hong Kong.
Citibank has a 5 per cent stake in Shanghai Pudong Development Bank, with which it has a 50-50 joint venture to conduct credit-card business.
Mr Chan said the bank was looking to expand credit-card, syndicated loan and corporate banking services for domestic heavyweight and multinational corporations in the mainland.