Citigroup wins approval for wholly owned securities unit in China after nearly five years

Bloomberg reports Citigroup won approval for a wholly owned securities business in China after a nearly five-year process. The Business Times says Citi applied in late 2021 and that the unit will offer services including underwriting, equities brokerage, research and trading. Chinese regulators put its registered capital at 1.2 billion yuan ($180 million), according to Bloomberg.