Citi intends to launch its fully owned investment banking business in China by the end of 2024.

The Wall Street bank could treble workforce in the business, according to Reuters, which would focus on the domestic capital market, from 30 to around 100 in the years ahead through local recruits and transfers from Hong Kong and other markets, according to its source.

In an attempt to strengthen its position in the market, Citi, which provides corporate, institutional, and other banking services in China, submitted an application in late 2021 for a completely owned mainland Chinese brokerage company license.

Since the US bank’s China business intentions are still confidential, the Chinese securities regulator approved the US bank’s establishment last month.

The official record of the China Securities Regulatory Commission (CSRC) indicates that the regulator “made a decision” on 28 December about the approval or denial of Citi’s request to establish a local investment banking division. It provided no further details.

In addition to this, Citi will join Wall Street competitors Goldman Sachs, JPMorgan, and Morgan Stanley in the China endeavour, as each of these companies has increased the amount of equity it owns in regional brokerage firms recently.

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In the process of building out its infrastructure for the business, the bank is in communication with Chinese regulators over data compliance. Global financial firms are facing additional expenditures and operational hurdles as a result of China’s new data policy.

Furthermore, Citi has taken on the chief executive, chief financial officer, and chief compliance officer for its China investment banking division. The company seeks to hire an additional 30 employees by the years end.