Citi has secured approval from the China Securities Regulatory Commission (CSRC) to establish a wholly owned securities company in China, Citigroup Securities (China) Company (CSCCL).
The Shanghai-headquartered entity will operate under an onshore securities licence. It will be permitted to provide equities brokerage, securities underwriting, securities research, and principal trading services to domestic and foreign clients.
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CSCCL’s planned offering includes underwriting capital markets deals, equities brokerage with direct access to China stock exchanges and other financial products, securities research and investment advisory, and trading in onshore listed shares, bonds, funds, and other financial instruments.
Citi said it will now complete the statutory and regulatory steps needed to establish CSCCL and prepare the company to begin operations.
The new company will serve Citi’s corporate and institutional clients conducting onshore securities and trading activities in China’s capital markets.
Citi established a local entity in China in 1902. The bank says it serves 70% of Fortune 500 companies operating in China and works with several hundred large local corporate and public sector clients through its corporate & investment bank. Its commercial bank also works with medium-sized enterprises.
Citi provides debt and equity underwriting and cross-border mergers and acquisitions advisory.
Year-to-date, it has assisted Chinese clients raise more than $40bn in global capital markets.
Citi China country officer and banking head Wenjie Zhang said: “We are honoured to receive this approval. The securities company will be an important part of Citi’s strategy in China. It will enrich and enhance our capabilities to serve clients.
“We will be focusing on building a high-calibre local team and leveraging our global network to support domestic capital market development.”
