OREANDA-NEWS. July 18, 2013. Following last week's approval from the China Securities Regulatory Commission regarding domestic mutual funds distribution in China, Citibank (China) Co. Ltd. ("Citi China") announced that it has successfully conducted first transaction and become the first foreign bank to launch domestic mutual fund business.

There are two funds in the first transaction - Manulife Teda Sector Select Equity Fund and Invesco Great Wall Domestic Demand Growth II Fund. The service will be made available to local residents through Citi China outlets in phases.

Simon Chow, Country Business Manager of Citi China, said, "We are honored to be the first foreign bank to launch this business in China. Citi was the first foreign bank to provide retail banking services in China, and we have been committed to providing Chinese customers with comprehensive, innovative and world-class products and services over the years. The launch of domestic mutual fund distribution is undoubtedly another significant milestone in our efforts to meet that goal."

Ricky Lin, Director of Retail Banking, Citi China, said, "In preparation of the domestic mutual fund distribution, we have conducted comprehensive research and due diligence with domestic fund companies and carefully selected partners based on their management performance, investment process, risk control, shareholder background and etc. We are pleased to cooperate with these leading fund companies to provide our customers with more RMB product options."

Domestic Mutual fund service will soon be available to corporate and institutional clients of Citi China.