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Citigroup receives approval to launch wholly owned securities unit in China
Citigroup has received regulatory approval from Chinese authorities to establish Citigroup Securities (China) Co., a wholly owned securities unit headquartered in Shanghai. This decision concludes a nearly five-year application process that began in late 2021, during which the bank navigated shifting Chinese data security regulations and scrutiny from United States regulators.
The new entity will have a registered capital of 1.2 billion yuan, approximately $180 million USD. It is authorized to provide onshore capital market services to both domestic and international clients, including equities brokerage, underwriting, investment advisory, securities research, and trading in listed securities.
This expansion follows Citigroup’s previous strategic shifts in the region, including the dissolution of its investment banking joint venture with Orient Securities in 2019 and its exit from Chinese consumer banking. The bank aims to leverage this new unit to support mid-to-large scale private companies and assist Chinese firms in accessing international markets through trade finance, transaction banking, and hedging services.
Entities
Citigroup · Donald Trump · Jane Fraser · Shanghai · Xi Jinping
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] The new unit, Citigroup Securities (China) Co., will be headquartered in Shanghai. www.ekoturk.com · srnnews.com · www.businesstimes.com.sg
- [● 3 SOURCES] Citigroup received approval to establish a wholly owned securities unit in China. www.ekoturk.com · srnnews.com · www.businesstimes.com.sg
- [● 2 SOURCES] The approval process was delayed by Chinese data security rules and US regulatory scrutiny. www.ekoturk.com · www.businesstimes.com.sg
- [○ 1 SOURCE] Citigroup aims to increase its headcount to approximately 100 people by the end of the year. srnnews.com
- [● 3 SOURCES] Citigroup applied for the license in late 2021. www.ekoturk.com · srnnews.com · www.businesstimes.com.sg
- [● 2 SOURCES] Citigroup dissolved its investment banking joint venture with Orient Securities in 2019. www.ekoturk.com · www.businesstimes.com.sg
- [● 2 SOURCES] The company has a registered capital of 1.2 billion yuan (approximately $180 million USD). www.ekoturk.com · www.businesstimes.com.sg
- [● 3 SOURCES] The unit will offer services including underwriting, equities brokerage, investment advisory, research, and trading. www.ekoturk.com · srnnews.com · www.businesstimes.com.sg