Citigroup plans to deepen its involvement in China’s financial markets with the launch of an investment banking unit in the country, even as rivals grow more cautious there.
The large US bank intends to launch the wholly owned China-based unit by the end of the year, according to a person familiar with the situation. The business would expand Citi’s business in China, which already includes corporate lending and other banking services.
Citi’s application for a brokerage license was conditionally approved in late December, a decision that enables it to start hiring employees for the new unit, according to a filing on China Securities Regulatory Commission’s website and the person familiar with the situation.
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