Citi wins approval for wholly owned securities firm in China

Citi has secured approval to establish a wholly owned securities firm named Citigroup Securities (China) Co., Ltd., or CSCCL, in China. The China Securities Regulatory Commission (CSRC) granted this approval, enabling CSCCL to provide a range of capital markets services to both domestic and foreign clients. These services include equities brokerage, securities underwriting, securities research, and principal trading.

The company is headquartered in Shanghai and will commence operations after fulfilling all necessary statutory and regulatory procedures.

Jane Fraser, Citi's chair and CEO, expressed gratitude to the Chinese regulators for their support in expanding Citi's presence in China's capital markets. She added that by adding onshore capabilities to their global platform, Citi will be able to better serve its clients in China, helping them raise capital, access investors, and trade locally, while also connecting them to global opportunities.

Citi has a rich history in China, having been one of the first international banks to set up a local entity there since 1902. Over the past century, the bank has been a trusted partner to Chinese clients and foreign multinationals, serving over 70% of Fortune 500 companies operating in China and working with numerous large local corporate and public sector clients.

The new securities firm will support Citi's onshore securities and trading activities, allowing the bank to leverage its global network and expertise in debt and equity underwriting, as well as cross-border mergers and acquisitions advisory.