Citi Wins China Regulatory Approval for Wholly Owned Securities Arm

China's securities regulator has approved Citi's application to set up a wholly owned securities company in China, giving the U.S. bank an onshore license to underwrite, broker and trade in one of the world's largest capital markets.

The China Securities Regulatory Commission cleared the new entity, Citigroup Securities (China) Company Limited, or CSCCL, which will be headquartered in Shanghai. Citi said it will now complete the remaining statutory and regulatory procedures needed to formally establish the company and prepare it to begin operations.

What can the new entity do?

The license covers a broad onshore toolkit. CSCCL will be able to provide:

• equities brokerage;
• securities underwriting;
• securities research;
• investment advisory; and
• principal trading services.

The business will also give clients access to onshore-listed shares, bonds, funds and other financial instruments, Citi said.

The approval significantly expands Citi's onshore capabilities in China. It lets the bank combine its existing global investment banking platform with locally licensed securities services, so clients can raise capital, access investors, execute domestic-market transactions and connect Chinese companies with global opportunities.

How big is Citi's China franchise?

Citi has operated in China for nearly 125 years and was among the first international banks to establish a local presence. Today the bank serves approximately 70% of Fortune 500 companies operating in China, according to Citi. It also works with several hundred large Chinese corporate and public-sector clients through its Corporate & Investment Bank, and supports medium-sized companies through its Commercial Bank.

The new securities company is expected to expand services for these corporate and institutional clients, particularly those seeking direct access to China's domestic capital markets.

What does the license add to Citi's offshore business?

Citi already runs a global investment banking business spanning debt and equity underwriting, mergers and acquisitions advisory, and cross-border capital markets transactions. The bank said it has helped Chinese clients raise more than $40 billion in global capital markets year-to-date in 2026.

The onshore license complements those offshore capabilities. It allows Citi to underwrite capital markets transactions directly in China and to provide local brokerage and trading services, rather than routing clients through offshore channels.

What did Citi's leadership say?

CEO Jane Fraser framed the approval as a milestone in a very long relationship. "Citi has been serving clients in China for nearly 125 years, and we appreciate the support from regulators to expand our offering in this important market," Fraser said. "By adding onshore capabilities to our global platform, we will be able to do more for clients in China's domestic capital markets, including helping them raise capital, access investors and trade locally, while connecting them to opportunities around the world."

Wenjie Zhang, Citi China country officer and banking head, said the securities company will anchor the bank's China strategy. "We are honored to receive this approval. The securities company will be an important part of Citi's strategy in China," Zhang said. "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."

Citi said it plans to build a high-caliber local team for CSCCL while leveraging its international network and existing relationships with corporate and institutional clients. The bank still faces the remaining statutory steps before operations begin, but once live, CSCCL will put Citi among the foreign banks with full onshore securities reach in China.