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Citi to push small-scale lending in China
Published on: 2008-10-08
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Citigroup said on Tuesday it will make a push into small-scale lending in China with the establishment of two loan businesses in the central province of Hubei, as international banks seek to tap business in the country's populous midsection. The U.S. bank said in a statement that the China Banking Regulatory Commission had approved its applications to launch two new businesses that will lend money to "underserved segments" of the market. The companies will each have an initial capitalization of about 17 million CNY (2.5 million USD).
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