Citi has received preliminary regulatory approval to set up a securities joint venture in China with Orient Securities, a Citi spokesperson confirmed late last night. The entity, which will be named Citi Orient Securities, will still need to apply for a business licence to start operations a process that is viewed as a formality but normally takes another six months to complete.
If all goes smoothly, the JV should be able to start underwriting and sponsoring primary equity and bond issues in China’s domestic market by the middle of this year. Once the final approval is in place, Citi will be the ninth international firm to gain direct access to...
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