The financial institution may then have up to 12,000 employees working in the country under the plans, making China its third-largest market behind the US and Mexico.
Stephen Bird, Citigroup's co-chief executive officer for the Asia-Pacific, told Bloomberg: "China is one of the most attractive and profitable countries in the world to be operating a bank."
He added that the financial institution sees the country as one of its priority markets and has "aggressive banking expansion plans".
"We â¦ want to open branches as fast as regulators in China will let us," Mr Bird said.
It currently has 29 branches in the nation, with a further ten to be added before the end of 2010.
Earlier this year, Citigroup chief executive Vikram Pandit told the Financial Times that the company is looking to expand its operations across the Asia-Pacific region as a whole.
By Asim Shah