CSRC approves Citi to establish a wholly owned securities firm in mainland China

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The China Securities Regulatory Commission (CSRC) has approved Citi to establish a wholly owned securities firm in mainland China, Citigroup Securities (China) Company Limited (CSCCL), headquartered in Shanghai. Citi still needs to complete the relevant legal and regulatory procedures, after which CSCCL will provide brokerage, underwriting, research, and proprietary trading services to domestic and international clients, with direct access to China’s stock markets.