7/104 sources · 4 publishersUpdated Nov 10, 14:13 UTC
Citigroup secures long‑awaited securities license in China
Citigroup received approval to operate a wholly‑owned securities business in mainland China after a five‑year delay. CEO Jane Fraser said the licence lets the bank raise capital, trade and connect global investors, and she warned rivals to watch out. The bank plans to hire roughly 100 bankers in China over the coming years.
Why it matters
The licence expands Citigroup’s service offering in China, giving it a competitive edge and the potential to generate new revenue from capital‑raising and trading activities (the company said).
Key facts
- 1Citigroup obtained a securities licence in mainland China after a five‑year wait. news.bloomberglaw.com
- 2The licence allows the bank to raise capital, trade and connect global investors. theedgemalaysia.com
- 3Citigroup intends to hire about 100 bankers in China over the next several years. theedgemalaysia.com
- 4CEO Jane Fraser warned competitors to "watch out" because of the new offering. theedgemalaysia.com
Summary written by AlphAI AI Desk from 4 of 4 sources. Not investment advice. Figures are as stated by the linked sources.