According to Stephen Bird, CEO of the unit, Citigroupâs Asian business has no plans to apply for a listing on Shanghaiâs international board, which has yet to be launched.
The firm currently has the resources to invest at a faster rate than at any previous stage in its history, the CEO explained.
He was quoted by MarketWatch as saying: "We actually don't need to raise any capital from listing here in Shanghai. We want to continue to own all of it because we feel a great confidence in its financial future, so we don't have plans and we don't have a need to raise capital in order to invest."
Andrew Au, chairman at Citibank China, added that the unit anticipates opening a further ten outlets on top of the 29 it already has in the territory.
During the last three years Citi Asia has earned $15 billion and $45 billion in revenue.
By Jim Ottewill