Citi Wins Approval for China Securities Unit
China regulators approved Citi to establish a fully owned securities unit in Shanghai. The Wall Street bank plans to expand onshore capital markets services.
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CITIGROUP INC secured regulatory approval on Friday morning to establish a fully owned securities unit in China, expanding its footprint in the world's second-largest economy. The greenlight follows an application submitted in late 2021 as part of the United States bank's broader push to scale up onshore operations. Citi aims to capture a larger share of domestic capital markets activity through local underwriting and trading services.
