Citi has secured regulatory approval from Chinese authorities to establish a wholly owned securities company in China, marking a significant expansion of its operations in the country. The move, announced on Friday, follows nearly five years of regulatory review and is seen as a key step in Citi’s efforts to broaden its footprint within China’s domestic capital markets.

The new entity, Citigroup Securities (China) Company Ltd., will be headquartered in Shanghai and able to provide a full range of capital markets services to both domestic and foreign clients. These services will include underwriting capital markets transactions and offering equities brokerage, enabling Citi to facilitate onshore trading and investment activities.

Jane Fraser, Citi’s Chair and Chief Executive, emphasized that the addition of onshore capabilities will enhance the bank’s ability to support clients looking to raise capital, connect with investors, and conduct trading within China’s markets. She noted that this development will integrate with Citi's existing offshore operations, providing a more comprehensive platform for corporate and institutional customers.

Citi stated it will complete all required statutory and regulatory steps ahead of launching operations in China. The approval reflects Beijing’s ongoing efforts to open its financial sector to greater foreign participation while maintaining regulatory oversight.

This development positions Citi to better serve global and local clients amid growing demand for access to China’s capital markets, which remain among the largest and most dynamic worldwide.