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CITIC Group was established on October 4, 1979 by Rong Yiren, former Vice President of the People¡¯s Republic of China.

CITIC has grown into a large transnational conglomerate. It now owns 44 subsidiaries (banks) including those in Hong Kong, the United States, Canada, Australia, New Zealand.

The company has also set up representative offices in Tokyo, New York and Frankfurt. CITIC's core business ranges from financial industry, industrial investment to service industries. By the end of 2005,CITIC's total assets stood at 799.4 billion yuan with an after-tax profit of 4.68 billion yuan.

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