Citigroup expects to double the number of bank branches in China to 100 within two to three years as it accelerates its push into the country through its securities joint venture and an independent credit card business.

Stephen Bird, chief executive of Asia for Citigroup, said the bank was reaping the benefits of its efforts to help Chinese institutions develop products and technology as its sought to gain approval for its own new ventures.

Citi is among a number of banks that bought stakes in Chinese institutions in the hope they could be built into positions of influence in the market. However, the Chinese government has refused to allow many banks to increase their holdings. On top of this, the new Basel III banking rules make equity stakes in other institutions a much more costly investment from a capital point of view.