Financial Services: Citigroup Applies For China Securities License

As part of moves to break into the world’s second largest economy, Citigroup has applied for a securities license in China.

According to Reuters, the Wall Street Journal reported on Friday that 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.

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

Meanwhile, Citigroup has not yet responded to inquiries regarding the news.

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