Citi and Orient Securities yesterday jointly announced the official opening of their China securities joint venture, Citi Orient Securities.
Orient Securities has a 66.7% stake in the new entity, with the remaining 33.3% owned by Citigroup Global Markets Asia the biggest stake that foreign banks are allowed to own in Chinese securities joint ventures.
The Shanghai-based joint venture has registered capital of Rmb800 million and will engage in investment banking in the Chinese domestic market, including equity and debt securities underwriting.
Stephen Bird, CEO of Citi Asia-Pacific, who made it a top priority to crack Citi’s China JV code when taking on the...
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