Bloomberg
Citigroup Inc’s chief financial officer said China’s recent moves to crack down on companies isn’t likely to harm the bank’s business across the Asia-Pacific region.
While Citigroup has decided to exit retail banking operations in some Asian markets, it will continue to offer services to large corporations in the region through its institutional-clients group, Mark Mason said on a conference call. That means the bank is monitoring the situation in China “very closely,†he said.
“We continue to serve multinational companies and our local champions through this ICG business that we have,†Mason said in response to a question. “We don’t anticipate any impact from some of the Chinese regulatory crackdowns, as you characterize them.†The US Securities and Exchange Commission halted initial public offerings of Chinese companies, citing the need for better disclosures of risks posed to shareholders.