Foreign banks trim China branch networks as low returns test strategy
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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.
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.
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