From BigGo Finance · BigGo Finance · · 40s
Citigroup Gets China Securities Approval
Citigroup secures China securities license to expand services for global clients.
In brief
Citigroup secures China securities license to expand services for global clients. Citigroup won approval to launch a 100%-owned securities subsidiary in Shanghai to provide capital markets services in China. Originally reported by BigGo Finance.
Approval for Securities Subsidiary
China's securities regulator approved Citigroup's plan to establish a 100%-owned securities subsidiary in China.
Shanghai Headquarters
Citigroup Securities China Company will be headquartered in Shanghai to provide onshore capital markets services.
Staff Expansion Plan
Citigroup plans to nearly double its staff for the business to about 100 by the end of this year.
CEO Statement
CEO Jane Fraser said adding onshore capabilities will broaden services for Chinese clients.
“by adding onshore capabilities to our global platform, we will be able to offer clients in China's domestic capital markets a broader range of services, including capital raising, investor access and support for local trading, as well as connections to investment opportunities around the world”
The bottom line
Citigroup won approval to launch a 100%-owned securities subsidiary in Shanghai to provide capital markets services in China.
