Citigroup has applied for a securities licence in China in a bid to ramp up its presence in the world’s second biggest economy.

The New York-based bank recently file an application with the China Securities and Regulatory Commission (CSRC), The WSJ reported citing a person privy of the development.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The bank is planning to apply for a number of other licences too in the near future, according to the source.

It is also moving to hire around 100 additional employees in mainland China over the coming two years to support its onshore expansion.

The securities licence, if granted, would allow Citi to underwrite yuan-denominated stock and bond offerings, and manage trading of these securities.

The bank established a minority-owned securities joint venture in China in partnership with Shanghai-based Orient Securities in 2012.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

This partnership was later exited by Citi after it failed to get Orient Securities agree to a deal that would give it control of the venture.

In 2019, Citi agreed to offload its 33.33% stake in the venture to the latter.

Meanwhile, the opening up of China’s securities sector continues to grab the interest of foreign players with several global financial institutions eyeing to beef up their holdings in their Chinese ventures towards full control.

This year, US banking giants JPMorgan and Goldman Sachs were given approval by CSRC to take full control of their local securities ventures.

In April this year, Reuters reported that BNP Paribas submitted an application with China’s securities regulator to set up a securities company in the country as it opens up its capital markets.