Citigroup to seek licences for new wholly-owned securities business in China

Citigroup to seek licences for new wholly-owned securities business in China

Citigroup to seek licences for new wholly-owned securities business in China

Citigroup plans to apply later this year to open a new wholly-owned domestic securities business in China as it joins foreign banking rivals in expanding their presence on the mainland, according to people familiar with the matter.The American bank plans to apply by the second half of this year for licences that would allow it to underwrite domestic securities, engage in advisory services on local deals and conduct trading for clients, as well as engage in stock futures, said the people, who…

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