With this partnership, Citibank becomes the first foreign bank in the country to offer private retirement savings in its effort to deliver a complete suite of wealth management products and services locally.
China Cinda Asset Management Co Ltd, the country's largest bad debt manager, will invest a total of $10 million through two separate subsidiaries
China Everbright Securities, China International Capital Corp (CICC), Morgan Stanley and UBS AG were hired as joint global coordinators.
The dialogue aimed to raise awareness among corporations on the use of renminbi, or yuan, in trade settlements and investments.
The agency said today it had chosen Pepper Asset Servicing, which specialises in asset management services, as its preferred bidder following a tender process.