Yes Guangfa Bank was established with the approval of the People's Bank of the State Council and China, and its largest shareholders are China Renshou and CITIC Trust. Therefore, Citibank was acquired by Guangfa Bank, which has the same nature as Guangfa Bank and belongs to the state-owned bank. Guangfa Bank was established in September, 1988 with a registered capital of114.08 million yuan. Its headquarters is located in Dongfeng East Road, Yuexiu District, Guangzhou City, Guangdong Province, China. It is one of the earliest joint-stock commercial banks in China.