Citigroup intends to increase its stake in China's Pudong Development Bank, Richard Stanley, CEO of Citigroup China.

Citigroup was in discussions with the Shanghai-based Pudong Development Bank on increasing its share-holding later this year. However the domestically-listed bank had not yet been contacted by Citigroup China about the issue. 

Stanley said one of the most important tasks for Citigroup China this year is to incorporate a local bank. "If the China Banking Regulatory Commission approves it, Citigroup will launch another branch on the Chinese mainland in April," Stanley said.

Meanwhile, this year Citigroup China will open more business outlets and expand its workforce to 4,000 people on the mainland, according to Stanley. Citigroup now holds a 19.9 percent-stake in Pudong Development Bank.