Citi has received approval from Chinese regulators to set up a wholly owned securities company in China, a milestone in its yearslong effort to deepen its presence in the country. The license will let the banking giant establish an onshore company offering a suite of capital markets services to domestic and foreign clients, including underwriting capital markets deals and equities brokerage services. By adding onshore capabilities to our global platform, we will be able to do more for clients in China's domestic capital markets, including helping them raise capital, access investors and trade locally, said Citi chair and chief executive Jane Fraser.
Citi announced the approval from the China Securities Regulatory Commission on Friday, after nearly five years in review processes. The bank said it will complete all statutory and regulatory procedures to prepare for the start of operations. The venture, Citigroup Securities (China) Company Ltd., will be based in Shanghai.
It will support the onshore securities and trading activities of Citi's corporate and institutional client base looking to access Chinese capital markets, complementing existing offshore capabilities.
Fuente: Wall Street Journal Markets · Resumido por HeadlinesBriefing