Almost two decades after gaining permission to conduct yuan business for local clients, foreign-funded banks are still refining their strategy in China, where the financial sector is dominated by state-owned lenders.
While Citi exited its China retail banking business, other foreign banks have continued to close branches and sub-branches, focusing instead on digitalisation, wealth management and core clients to strengthen their foothold in the market.
Deutsche Bank (China) announced the closure…
Source: www.scmp.com
