Fosun International and Citi Sign Strategic Cooperation Agreement
SHANGHAI, Nov. 4, 2019 /PRNewswire/ -- Fosun International Limited ("Fosun International") (00656:HK) announced today that it has signed a strategic cooperation agreement ("the Agreement") with Citi. The two parties are committed to jointly supporting the future development strategy of Fosun International and its subsidiaries ("Fosun"). Wang Qunbin, Chief Executive Officer of Fosun International, Jan Metzger, Citi APAC Head of Banking, Capital Markets and Advisory, and Christine Lam, Chief Executive Officer of Citi China attended the signing ceremony at the Bund Finance Center, Shanghai.
Wang Qunbin, Chief Executive Officer of Fosun International, said, "We are very pleased to welcome Citi as our long-term strategic partner. Collaboration between Citi and Fosun began when Citi offered a series of consulting and advisory services for mergers and acquisitions. The current cooperation spans our three core businesses, namely 'Health, Happiness and Wealth', with Citi sharing a common strategic vision with Fosun. Through this partnership, Fosun can leverage Citi's vast network and resources across the world to continuously further enhance and accelerate the global growth strategy of Fosun, particularly to strengthen our core industrial operation capabilities, pursue our technology-driven development strategy and further expand investment in innovation."
Jan Metzger, Head of Banking, Capital Markets and Advisory, Citi Asia Pacific, said, "We are delighted to further deepen and strengthen our partnership with Fosun. Citi is committed to continued deployment of our global resources and integrated one-stop solution to empower Fosun to undergo further strategic transition, help it further its position as the industry leader in various segments, and pave the way for its path towards a truly global investment conglomerate."
Fosun International Limited is a technology-driven consumer group that has been listed on the main board of the Hong Kong Stock Exchange (00656.HK) since 2007. Founded in 1992, Fosun operates three business lines, in Health, Happiness and Wealth, creating world-class products and services for families around the world. In 2018, Fosun recorded revenues of RMB 109.4 billion (c.US$ 16.5 billion) with total assets worth RMB 681.51 billion (c.US$ 99.13 billion) as of 30 June 2019.
Citi first established an office in Shanghai in May 1902, and was among the first international banks to locally incorporate in China. As the leading global bank, Citi has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerages, transaction services, and wealth management.
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