CITIBANK has installed an ATM at a 7-Eleven store in Futian District, the first ATM installed in outlets of the convenience store chain in China.

It is part of the bank's plan to expand its retail network in China before the country fully opens its RMB business Dec. 11.

The bank plans to install 11 ATMs in 7-Eleven stores in Shenzhen by March next year, according to an agreement reached with the chain's South China licensee Guang Dong Sai Yi Convenience Stores Limited.

The ATM, located at Block A of the Science and Technology Service Center of Chegongmiao Industrial Park, enables holders of foreign bank cards to withdraw up to 4,000 yuan (US$500) in RMB each time.

Visa and MasterCard can be used at the ATM, and also international cards issued by Hong Kong, Macao and Taiwan banks, according to Citibank.

Mainland bankcard holders cannot use the service for the time being. The bank hopes its Chinese customers will be able to utilize the ATMs once regulations permit it.

The bank recently signed a deal with Guang Dong Sai Yi Convenience Stores Limited to install ATMs in selected 7-Eleven stores in South China. Lee Ah-boon, country business manager for Citibank China, said the agreement comes at a time when Citibank is expanding its network and brand presence throughout China.

Paul Mak, acting general manager of Guang Dong Sai Yi Convenience Stores Limited, said the agreement would give the store's customers even more convenience. There are about 250 7-Eleven stores in Guangdong.

Citibank was the first bank in China to operate ATMs in which foreign cards could be used. Currently Citibank has 57 ATMs in China and expects to have 85 by the end of this year.

Editor: Yan