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The China Securities Regulatory Commission (CSRC) has approved the establishment of Citi Securities (China) with a registered capital of 1.2 billion yuan.
The China Securities Regulatory Commission (CSRC) announced on October 23 its approval for the establishment of Citi Securities (China) Co., Ltd., with a registered capital of RMB 1.2 billion and its registered address in Shanghai. Its business scope includes securities brokerage, securities investment consulting, securities underwriting and sponsorship, and proprietary trading. This approval means that Citi will re-enter the Chinese securities market as a wholly foreign-owned securities firm, with Citi Global Financial Holdings LLC as its sole shareholder, holding 100% of the shares. Following Citi Securities' approval, the number of wholly foreign-owned securities firms in China has increased to seven. Additionally, the People's Bank of China (PBOC) approved on October 13 the preparation of a bank card clearing institution by Visa's wholly-owned subsidiary in China, Visa Information Technology (Beijing) Co., Ltd. Visa CEO Ryan McInerney stated that this approval is an important milestone for Visa's long-term service to the Chinese market.
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