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[SITUATION] · [ACTIVE] · [BUSINESS]
2 clusters · 7 sources · 3 days · First seen · Last updated
Citigroup expansion in China securities market
Overview
Citigroup has received regulatory approval from the China Securities Regulatory Commission (CSRC) to establish Citigroup Securities (China) Company Limited (CSCCL). Headquartered in Shanghai, this wholly-owned subsidiary marks the conclusion of a nearly five-year application process that began in late 2021.
The new entity will have a registered capital of 1.2 billion yuan (approximately $180 million USD) and is authorized to provide various onshore capital market services. These include equities brokerage, underwriting, investment advisory, securities research, and principal trading for both domestic and international clients.
This expansion follows previous strategic changes by the bank in the region, such as its exit from Chinese consumer banking and the 2019 dissolution of its investment banking joint venture with Orient Securities. Citigroup CEO Jane Fraser stated that the addition of onshore capabilities will allow the bank to better support its corporate and institutional clients by connecting them to local and global opportunities.
Entities
Citigroup · Jane Fraser · Shanghai · Xi Jinping · China Securities Regulatory Commission
Timeline
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[BUSINESS] 3 sourcesCiti receives approval to establish securities firm in China
Citigroup has been granted a license by China's CSRC to launch a wholly-owned securities firm in Shanghai, offering brokerage, underwriting, and research services.
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[BUSINESS] 3 sourcesCitigroup receives approval to launch wholly owned securities unit in China
Citigroup has secured approval to launch a wholly owned securities unit in Shanghai, ending a five-year regulatory wait to expand its onshore capital markets services in China.
Sources
asianbankingandfinance.net · ekoturk.com · medcom.id · mediaasuransinews.co.id · srnnews.com · toray.co.jp · vir.com.vn