Andrew Au, CEO of Citi China and chairman of Citibank China, discusses Citi's recent performance there, its outlook for 2009 and why the bank remains optimistic about China despite the global economic slowdown.
Briefly, give us an overview of your financial performance in 2008
In 2008 our local subsidiary, Citibank China, experienced a year of growth and profitability, achieving a 46% increase in operating income to Rmb3.6 billion, with net income increasing 95% from its 2007 level to Rmb1.3 billion. This performance in 2008 reflects the resilience of China's economy, coupled with our own strengths. In 2008 our total capital adequacy ratio was further improved to 13.6%, compared to 11.5% in...
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