CITIC Bank International has expanded its branch network with a new office in Singapore.

The branch had a soft opening in December 2010 and has since handled a trade loan balance asset of S$648 million ($515 million). CITIC has also rolled out several yuan-related offerings, including working capital financing, cash management, trade finance, and foreign exchange. Private banking and wealth management services are expected to be offered in 2012.

"Given the strong trade and investment flows between Singapore and China, and Singapore as a key ASEAN member, the opening of our Singapore branch signifies the first step of our regional expansion," sadi Dou Jianzhong, the chairman of CBI.

CITIC Bank presently has branches in China, Hong Kong, Macau, and the US.