Citigroup Aims to Launch Fully Owned Brokerage in Mainland China
Citigroup is on track to receive regulatory approval for its fully owned brokerage operation in mainland China, according to a Reuters report. The U.S.-based bank applied for the license in late 2021 as part of an effort to expand its presence and deepen operations within the country. With plans to hire several dozen employees over the coming months—aiming to reach around 100 by year-end—the new unit will focus on A-share brokerage, underwriting, research, and principal trading in China's domestic market. The bank intends to leverage existing corporate banking relationships while targeting key industries such as technology, healthcare, consumer goods, and financial institutions. Citigroup also plans to transfer staff from Hong Kong and other Asian regions into the new operation. The approval is expected around late September 2026, coinciding with Chinese President Xi Jinping's visit to Washington.
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Topics: banking china international_expansion