Salem Radio Network News Wednesday, January 19, 2022

Business

Citigroup applies for China securities license – WSJ

(Reuters) – Citigroup Inc has applied for a securities license in China as the New York-based bank eyes a bigger presence in the world’s second largest economy, the Wall Street Journal reported on Friday.

The bank recently submitted its application to the China Securities and Regulatory Commission and is also applying for a futures license in the coming months, the report said, citing a person familiar with the matter.

Citigroup intends to hire around 100 people in mainland China in the next two years to support its expansion onshore, the report said.

Citigroup did not immediately respond to a Reuters request for comment outside of business hours.

(Reporting by Sneha Bhowmik in Bengaluru; Editing by Arun Koyyur)

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