NANJING - Citibank is continuing its expansion in China and expects fierce competition to heat up among foreign banks, who are eyeing a slice of the wealth and consumption in the Chinese economy.

"Citibank continues to perform strongly in 2011. We have excellent momentum in China and are well positioned for future success," said Stephen Bird, chief executive officer (CEO) of Citi Asia Pacific, during an opening ceremony for the US-based lender's branch in Nanjing on Wednesday.

Although competition is expected to drive innovation in services and product offerings, he said Citibank can help local companies globalize and help global companies localize.