Citigroup Inc. is pursuing an onshore securities license in China as the US lender expands its footprint in the world's second-largest economy. "We're hoping for it," said Ernesto Cantu, head of international at the New York-based bank. "It's important for us because right now we cannot do anything related to investment banking in the mainland."
The bank's push comes after a series of major consumer exits across Asia, signaling a strategic shift toward institutional and investment banking services in key markets like China. Securing the license would enable Citi to offer full investment banking services directly to Chinese clients, strengthening its competitive position in a highly lucrative market. Competitors like Goldman Sachs and JPMorgan already operate with full licenses, giving them a significant advantage. Citi's expansion reflects broader trends of Western financial institutions seeking deeper integration in China's evolving financial landscape.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing