Citi receives approval to establish securities firm in China

Citigroup has received approval from the China Securities Regulatory Commission (CSRC) to establish Citigroup Securities (China) Company Limited (CSCCL). The new entity will be a wholly-owned subsidiary headquartered in Shanghai.

CSCCL is expected to provide a range of capital market services, including equities brokerage, securities underwriting, securities research, and principal trading. The firm aims to serve both domestic and international clients, facilitating access to China’s domestic capital markets for capital raising, investor access, and local trading.

Citi has maintained a presence in China for 125 years, dating back to 1902. The bank currently serves 70% of Fortune 500 companies operating in the country. Jane Fraser, Chair and CEO of Citi, stated that adding onshore capabilities will allow the bank to better support its corporate and institutional client base by connecting them to local and global opportunities.