Citigroup secures regulatory approval to operate a wholly owned securities business in China, ending a prolonged application process.
Beijing approved Citigroup’s application to fully own a securities business in China, concluding a regulatory review that began in December 2021. The approval follows a four-year wait, with formal acceptance for review only occurring in December 2023.
Citi becomes the seventh major foreign bank to gain full ownership of a Chinese brokerage. The timing coincides with CEO Jane Fraser’s presence in a U.S. delegation to China, though the direct impact of her participation remains unclear.
Shares of Citigroup (NYSE: C) edged higher following the announcement, reflecting investor optimism about expanded access to China’s financial markets.