Citigroup Inc plans to set up a wholly-owned securities business in China, peopl...
) plans to set up a wholly-owned securities business in China, people with knowledge of the matter said on Tuesday, taking advantage of Beijing’s move to fully open up some of its financial sectors to foreigners next year.
Citi is currently in the process of completing its exit from a minority-owned securities joint venture in China, a process that one of the sources said is expected to be completed by end of this year. Citi’s plans to set up a wholly-owned securities business in China are in the early stages, said the sources, who declined to be identified due to the sensitivity of the matter. Bloomberg first reported the development.
Global investment banks are currently able to own up to 51% of their China operations. That requires a joint venture with local Chinese partners. Beijing has pledged to ease foreign ownership limits in the financial sector over a period of time.
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