Citi clinches approval to set up securities company in China

It will offer equities brokerage, securities underwriting, and trading services.

Citi has received an onshore securities licence from the China Securities Regulatory Commission (CSRC) to establish Citigroup Securities (China) Company Limited (CSCCL).

CSCCL will offer equities brokerage, securities underwriting, securities research and principal trading services to domestic and foreign clients. It is wholly-owned by Citi.

Citi said that it will complete all statutory and regulatory procedures required to establish CSCCL and prepare for the securities company’s commencement of operations.

CSCCL will be headquartered in Shanghai.

“By adding onshore capabilities to our global platform, we will be able to do more for clients in China’s domestic capital markets, including helping them raise capital, access investors and trade locally, while connecting them to opportunities around the world,” said Jane Fraser, chair and CEO at Citi.

Citi said that it has been active in China for 125 years, dating back to 1902. It serves 70% of Fortune 500 companies operating in China, and Citi expects CSCCL to support the onshore securities and trading activities of the bank’s corporate and institutional client base.