Citigroup to Expand in Asia

Citigroup Inc., the third-biggest U.S. bank by assets, announced plans to open 70 retail branches in Asia during the next year, bringing the company’s branch total to 780 locations.

The Wall Street Journal reports that the New York-based company also hopes to find a partner for an equity brokerage joint venture in China by the end of 2010.

“China is a priority market for Citi globally, and we’ve said we are actively pursuing a local underwriting license, but we have no further updates now,” says Asia-Pacific co-ceo Stephen Bird.