Overview
- China’s securities regulator has approved Citigroup’s plan to establish Citigroup Securities China Company, to be headquartered in Shanghai and licensed to operate as a wholly owned onshore brokerage.
- The new unit is authorized to provide underwriting, equities brokerage, principal trading, securities research and investment advisory to both domestic and foreign clients.
- Citi has been recruiting for the business and aims to scale headcount to roughly 100 people by the end of the year to operationalize the licensed platform.
- Group CEO Jane Fraser said adding onshore capabilities will let the bank help Chinese issuers raise capital, give investors local trading access and connect clients to global opportunities.
- The move follows Citi’s 2021 application and reflects China’s multi‑year opening of parts of its financial sector, a change that could increase competition for domestic firms and widen foreign access to China’s capital markets.