Citi Wins Beijing Approval for Wholly Owned China Securities Unit

Citi said Friday it received approval from Chinese regulators to establish a wholly owned securities company in China, roughly a month after President Xi Jinping met President Donald Trump in Washington to stabilize U.S.-China ties. The China Securities Regulatory Commission announced the approval the same day. It follows Beijing's recent clearance for Visa to prepare a bank card clearing business in China, as both governments seek to maintain fragile relations battered by a tariff and trade war. The two leaders are expected to meet twice more by year-end. Citi said the onshore license will let the new entity offer equities brokerage, securities underwriting, securities research and principal trading to domestic and foreign clients. Country officer Wenjie Zhang called the unit "an important part of Citi's strategy in China." CEO Jane Fraser joined Trump's May business delegation to Beijing and attended last month's White House state dinner for Xi.