trending Market Intelligence /marketintelligence/en/news-insights/trending/-Z8jHW-u2PdYyDM9VH5I7A2 content esgSubNav
In This List

Report: Citigroup to set up majority-owned securities JV in China

Blog

Banking Essentials Newsletter: July Edition - Part 3

Blog

Banking Essentials Newsletter: July Edition - Part 2

Blog

Anticipate the Unknown Go Beyond Fundamentals to Uncover Early Signs of Private Company Credit Deterioration

Blog

Taking Loss Given Default Estimation to the Next Level: An Aspiration for All Creditors, Not Just Banks


Report: Citigroup to set up majority-owned securities JV in China

Citigroup Inc. plans to set up a majority-owned securities joint venture in China after exiting its joint venture with Orient Securities Co. Ltd., Reuters reported Jan. 8, citing people familiar with the matter.

Citigroup told Reuters that it wants to own a domestic joint venture to widen its scope of business in China. It is now looking for a new partner for its securities unit, and could finalize the search before the end of 2019, the source said.

In December 2018, the bank agreed to sell its 33.33% equity interest in Citi Orient Securities Co. Ltd. to Orient Securities. The move follows reports that talks to acquire a majority ownership in the securities company have not progressed.

The board of Orient Securities approved the proposed acquisition, subject to regulatory approval, according to a Jan. 8 release.