Citigroup approved to set up wholly-owned securities company in China

China News Service, Shanghai, October 23 (Reporter Jiang Yu) Citibank (China) Co., Ltd. (hereinafter referred to as "Citi China") announced on the 23rd that it has been approved by the China Securities Regulatory Commission to establish a wholly-owned securities company - Citi Securities (China) Co., Ltd. (hereinafter referred to as "Citi Securities"). The company is registered in Shanghai.

Citigroup's history in China can be traced back to May 1902, and it was the first American bank to open in China. In April 2007, Citigroup became one of the first international banks to successfully register as a local legal person bank. Citibank China is wholly owned by Citibank Corporation of the United States.

Citi Securities will provide domestic and foreign corporate and institutional clients with a full range of domestic capital market services, including securities underwriting and sponsorship, brokerage services for stocks and other financial products directly connected to China’s stock exchanges, stock research services, and trading services for stocks, bonds, funds and other financial instruments listed in China.

Jane Fraser, Chairman and CEO of Citigroup, said: "We will comprehensively help clients seize opportunities in China's domestic capital markets and provide comprehensive support covering fund raising, investor matching and local transaction execution."

Citi has an extensive client base in China, including 70% of the Fortune 500 companies operating in China, hundreds of large local enterprises and public sectors, and many fast-growing mid-sized companies. Since the beginning of this year, Citi has assisted Chinese clients in raising more than US$40 billion in global capital markets, fully demonstrating its ability to connect Chinese issuers with global investors.

Zhang Wenjie, CEO of Citigroup China and President of Citigroup China, said: "Citigroup Securities will further enrich and enhance our ability to serve customers. In the future, we will continue to build a high-level business team locally, give full play to Citigroup's global network advantages, and facilitate the high-quality development of China's capital market."