Citi Plans New China Investment Bank Within 18 Months
- Citigroup said to hire 50 initially for securities business
- The bank is a late entrant after divorcing Chinese partner
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Citigroup Inc. is pushing ahead to set up new investment banking and trading operations in China after the lender announced it would be exiting retail banking in the world’s second-largest economy.
The New York-based bank plans to submit an application for a securities license to allow it to underwrite yuan-denominated shares and conduct trading for clients, as well as a license for futures brokering within the next two months, said a person familiar with the matter, who asked not to named because the information is confidential. The aim is to get the businesses up and running in 12 to 18 months, the person said.