Citi opens third rural lending company in China | india | Hindustan Times
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Citi opens third rural lending company in China

Citi China has opened its third lending company, near the northeastern port of Dalian in a town designated by the government as a pilot location for rural banking reform.

india Updated: Oct 14, 2009 11:34 IST

Citi China has opened its third lending company, near the northeastern port of Dalian in a town designated by the government as a pilot location for rural banking reform.

Citi <C.N> said on Wednesday that it expected the company, Dalian Wafangdian Citi Lending Co Ltd, to see significant credit demand from individuals and micro-businesses underserved by China's big banks. The company has registered capital of 17 million yuan ($2.49 million).

More than 100 rural financial institutions have been established across China since 2006 as part of a drive by the government to increase access to financial services and thus help reduce a yawning income gap between cities and the countryside.

The Asian Development Bank last week approved a technical assistance grant of $500,000 so that the People's Bank of China can improve the statistics it gathers about rural financial needs.