Citigroup expands aggressively in China

At the height of the financial crisis, when Citigroup (NYSE: C) was still a ward of the federal government, CEO Vikram Pandit stuck to his mantra that Citigroup was a global bank of uncommon potential. Some thought that his talk of international expansion was ill-timed for a bailed out bank, as many felt the bank should boost domestic lending to shore up the economy.

Now that Citigroup has paid off it TARP obligations, its globalist message no longer seems awkward. Indeed, its focus on overseas growth has positioned it well against Bank of America (NYSE: BAC).

The bank's most aggressive bet is on China, notes Bloomberg. Citigroup plans to nearly triple its workforce in the country to roughly 12,000 people over three years, signaling to its top competitor in China, HSBC, that it's serious. Unlike HSBC, Citigroup says it will not sell shares in China.

Citigroup operates 29 outlets in the country and plans to add 10 more this year, reports Bloomberg. That compares with 102 for HSBC and 59 operated by Standard Chartered.

This expansion will be interesting to watch. Asia has been a lucrative destination for Citigroup. We'll see if the bank can replicate that success in the trickiest market in the continent.

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