New York-based Citigroup is reportedly looking to roll out its onshore investment banking unit in mainland China.
Citi is aiming to launch an onshore investment banking unit in mainland China within 12 to 18 months, according to a «Reuters» report citing unnamed sources.
The US lender is targeting to house 30 people for the business by end-2024 with plans to triple staff to 100 in the coming years via new hires as well as transfers from Hong Kong and other markets. Citi has already hired a chief executive, chief financial officer and chief compliance officer for the upcoming investment bank. It is also communicating with Chinese regulators on data compliance.
Citi joins rival banks like J.P. Morgan and Goldman Sachs in upping their stakes in domestic brokerages in recent years. It first applied for a wholly-owned brokerage license in mainland China in 2021.
