Citi Receives Approval to Establish a Wholly Owned Securities Venture in China

Citi has a long and distinguished history in China, having been among the first international banks to establish a local entity in the country, dating back to 1902. For well over a century, Citi has served as a trusted partner to Chinese clients pursuing growth opportunities and foreign multinationals seeking to access and navigate the Chinese market.

Citi serves 70% of Fortune 500 companies operating in China, works with several hundred large local corporate and public sector clients through its Corporate & Investment Bank and supports many more medium-sized enterprises through its Commercial Bank - underscoring the breadth and depth of its client franchise. CSCCL will support the onshore securities and trading activities of Citi's sizable corporate and institutional client base looking to access the Chinese capital markets.

As a top-tier global investment bank, Citi brings world-class capabilities in debt and equity underwriting, as well as cross-border mergers and acquisitions advisory. Citi has helped Chinese clients raise more than US$40billion year-to-date in global capital markets, reflecting its unmatched ability to connect Chinese issuers with investors around the world. The securities license will allow Citi to deepen its service offering by underwriting capital markets deals onshore, complementing its existing offshore capabilities.

Wenjie Zhang, Citi China Country Officer and Banking Head, said, "We are honored to receive this approval. The securities company will be an important part of Citi's strategy in China. It will enrich and enhance our capabilities to serve clients. We will be focusing on building a high-caliber local team and leveraging our global network to support domestic capital market development."