Citi China on Wednesday opened its third lending company in China as the US lender seeks to penetrate further in the world's third-largest economy.

The company is in Wafangdian in the northeastern port city of Dalian with a population of 1 million. The first two such businesses are in Gong'an and Chibi in central province of Hubei. All the three are county-level rural regions.

Andrew Au, CEO of Citi China, said the Dalian Wafangdian Citi Lending Co., Ltd. will offer both secured and unsecured loans to individuals, self-employed and micro-businesses.

The company has registered capital of 17 million yuan (US$2.5 million) and 10 employees.

Citi executives said among its expansion strategies, the lender seeks to bring funds to China's second- and third-tier cities.

Stephen Bird, Citi CEO for Asia Pacific, said: "China remains one of Citi's highest priority markets around the world, and we will continue to expand our presence here across multiple lines of business."

Citi now has eight branches and 26 outlets in China.

(Xinhua News Agency October 15, 2009)