Citigroup, which recently decided to pull the plugs on retail banking in China, is reportedly seeking to set up investment banking and trading operations in the country.
The American lender is planning to apply for a securities licence to underwrite yuan-denominated shares and facilitate trading for clients within the next two months, Bloomberg reported citing an unnamed source.
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Citi, which is also eyeing a license for futures brokering, is planning to launch operations in the next 12 to 18 months.
It is expected to name the CEO for the business soon and hire a team of 50 staffs, with plans to expand it to nearly 100 in the future.
Majority of the new hire will be external, while the bank will also transfer employees from other mainland businesses to bridge the gap, the source added.
Citi is latest foreign bank that is eyeing Chinese securities market after the country revoked its foreign ownership restrictions last year.
Earlier this month, reports suggested that American private equity major Warburg Pincus is seeking to set up a securities joint venture in China.
Last October, British bank Standard Chartered submitted an application for a brokerage licence with the CSRC.
Plans for Singapore wealth management unit
Citigroup is planning to enrol up to 1,500 additional employees to its wealth management unit in Singapore, a separate report by CNA said.
The bank is hiring the new resources to support its plans to triple its AUM and increase the number of HNW clients by two and a half times by 2025, a spokesperson told the publication.
Earlier this week, it was reported that Citigroup is planning to add up to 500 new employees to its Hong Kong wealth management arm in the next five years.
