- The China Securities Regulatory Commission approved Citigroup's plan to set up a wholly foreign-owned securities firm in mainland China.
- Citigroup would be the seventh foreign owner of a wholly owned securities firm in mainland China, where exchanges have a combined market capitalisation of US$15.6 trillion.
- The approval came ahead of an expected meeting between Xi Jinping and Donald Trump at APEC in Shenzhen next month, and a week after Visa won approval for a wholly foreign-owned clearing organisation in China.
Quotes
“Citigroup would be the seventh foreign player to own a wholly owned securities firm in the country.”