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Citi looking to set up onshore cash equities biz in China

Citigroup Inc. is looking to establish an onshore cash equities business in China and add staff to its regional unit as it seeks to boost its share of Asia equities market, Reuters reported, citing Richard Heyes, head of the bank's regional equities unit.

The U.S.-based bank plans to hire at least 10 people for the unit, including bankers and technology staff, mainly in Hong Kong and Singapore. Heyes declined to disclose details but said the idea of an onshore cash equities business in China is in the early stages.

At the same time, Citi is looking to increase financing for hedge funds, Heyes said, adding that the bank expects to have commitments from many global hedge funds "to on-board us in Asia either by end of this year or early next year."