Deals
Citigroup Is Said to Weigh Exiting Its China Securities Venture
- Citi’s talks to boost stake in JV to 51% haven’t led anywhere
- U.S. bank is eyeing a secondary-market trading business
The Central district of Hong Kong, China.
Photographer: Brent Lewin/Bloomberg
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Citigroup Inc. may seek to exit its securities joint venture in China in favor of a setup where the U.S. bank can wield majority control, according to people familiar with the matter.
Talks with existing JV partner Orient Securities Co. about Citigroup raising its stake to 51 percent from 33 percent haven’t led anywhere, leading executives to start weighing other options, the people said. Citigroup also wants the JV to push into equities and fixed-income trading, a move that would put it in direct competition with Orient Securities, they said.