Citi to Set Up Wholly Owned Securities Business in China
- Bank to apply for futures license in first half of next year
- Plan comes as China sets timeline for opening financial sector
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Citigroup Inc., which is dissolving its investment-banking joint venture in China, is now planning to set up a wholly owned securities business in the world’s second-largest capital market, according to people with knowledge of the matter.
The New York-based bank may initially focus on brokerage and futures trading while expanding its custodian services in China, the people said, asking not to be identified because a final decision has yet to be made. It plans to apply for a futures license as early as the first half of 2020, according to the people.