Citigroup to Set Up Wholly Owned Securities Business in China [Yahoo! Finance News]
Citigroup, Inc. (C)
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Source: Yahoo! Finance News
Citigroup to Set Up Wholly Owned Securities Business in China ) -- 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. A late entrant into China’s securities market, Citigroup is among the first global banks planning to take advantage of China’s decision to allow full foreign ownership of financial services companies in the country. The securities regulator last week said overseas institutions can apply for total control starting in 2020. Rivals JPMorgan Chase & Co. and Goldman Sachs Group
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