Citigroup, a New York-based financial institution, is reportedly planning to establish its onshore investment banking unit in mainland China. The bank aims to launch this unit within a timeframe of 12 to 18 months, as per a report by Reuters that cites anonymous sources.
The American lender has set a target to accommodate 30 individuals for the business by the end of 2024. It plans to triple this number to 100 in the following years through new hires and transfers from markets such as Hong Kong. Key positions for the upcoming investment bank, including the chief executive, chief financial officer, and chief compliance officer, have already been filled by Citi. The bank is also in talks with Chinese regulators regarding data compliance.
Citi’s move mirrors the actions of competitor banks like J.P. Morgan and Goldman Sachs, which have increased their stakes in domestic brokerages in recent years. In 2021, Citi made its first application for a wholly-owned brokerage license in mainland China.
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| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇺🇸 🇨🇳 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Citigroup, J.P. Morgan, Reuters, Goldman Sachs |
| Currencies | None |
| Securities | None |
