Citibank to expand branches

Source: The Star Online

KUALA LUMPUR: Citibank Bhd, the locally incorporated subsidiary of Citigroup Inc, will set up another four branches in the country early next year from the current seven.
Citigroup chief executive officer Vikram Pandit, on a tour of the US-based financial services group’s Asian operations, told reporters Thursday this was part of the strategy to expand the footprint here.
Pandit, according to Bloomberg, was visiting employees in Malaysia, Singapore and Hong Kong to boost confidence following the departure of the group’s regional head Ajay Banga.
Citigroup made a US$28 billion loss last year as a result of the financial crisis.
Meanwhile, Citibank chief executive officer Sanjeev Nanavati said the bank would submit an official application soon to set up an Islamic subsidiary.