Citibank has endured many obstacles in the 100 years when the organization initially started performing business in China. The Chinese government erected many barriers-to-entry that Citibank had to overcome to re-establish entrance into the Chinese market after the communist government seized control of the country. Our team has divided in to 2, examined both sides of CitibankÃÂs adaptability issue and prepared this paper as a result of our findings.
The team examined adaptability has come up with the argument points below:Citibank has proven that the organization has been extremely adaptable with its Chinese market strategy. China erected many barriers-to-entry that Citibank had to be adaptable enough to overcome to have a successful plan for the Chinese financial markets. CitibankÃÂs perseverance and flexibility was exemplified by the following strengths.
Early Entrance ÃÂ Citibank originally started financial operations in China in 1902. Even though the company had to cease operations during the communist control of the country, Citibank has deep ties with the Chinese financial markets.
As a result, ÃÂCitibank became the first foreign bank to be given approval for foreign currency dealings with Chinese customersÃÂ (Conklin, 2002). While these dealings were limited in scope, they allowed Citibank to perform limited services and open the opportunity for more services.
Respected Global Organization ÃÂ Citibank is one of the most recognized global financial organizations in the world. Citibank has proven that it can adapt strategies when entering emerging markets. ÃÂWhen a multinational company wants to enter an emerging market it calls its lawyers, its accountants, the embassy and CitibankÃÂ (Conklin, 2002).
Local commitment ÃÂ Citibank has traditionally hired local residents to demonstrate the organizationÃÂs commitment to the country and areas in which it wants to perform business. In fact, ÃÂ95 percent of CitibankÃÂs jobs held outside the...