HONG KONG -- Citicorp's Citibank unit said it would make Shanghai the headquarters of its China operations after gaining approval from the People's Bank of China to open a country representative office in that city.

Citibank has had a full branch in Shanghai since 1991 but Hong Kong has been the headquarters for its China business.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.