Citigroup plans retail expansion in China

You've probably heard that Citigroup CEO Charles Prince would like revenue from foreign sources to account for 60 percent of the total in a few years, up from 45 percent now. The PR department has been working hard, it seems, in driving home the message. We've heard about its plans in Japan and India and now in China. The only bit of negative PR was the regulatory snafu in Australia. The bank aims to expand its Chinese operations to include 30 branches, compared with 16 now, by the end of this year. About 800 workers will be added, bringing its local total to 4,000. The bank received approval last month from the China Banking Regulatory Commission to operate as a local bank. It plans a wide menu of services.

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- here's the Forbes update