Citi wins approval for China securities unit

China approved Citigroup’s wholly owned securities firm, Citigroup Securities China, allowing the bank to expand its onshore investment-banking business. Based in Shanghai, the unit can provide underwriting, brokerage, securities trading, research and advisory services to domestic and international clients, complementing Citi’s existing cross-border capabilities. The approval follows a multiyear effort to build a fuller presence in China’s capital markets; regulators set the venture’s registered capital at 1.2 billion yuan. Citi says the new operation will help clients raise capital, reach investors and trade locally, and plans to build a high-caliber local team.