Citigroup China investment bank plans delayed by data law
The bank is now looking to start the China securities business around the end of 2024 at the earliest, the report added, citing people familiar with the matter.
Citigroup Inc's plan to set up a wholly-owned securities business in China is taking longer than expected because the bank needs more time to comply with the country's data laws, Bloomberg News reported on Monday.
The bank is now looking to start the China securities business around the end of 2024 at the earliest, the report added, citing people familiar with the matter.
While no timetable had been set, Citigroup had internally estimated the license would be in place in mid-2023.
Citigroup declined to comment on the report when contacted by Reuters.
Citigroup CEO Jane Fraser said in June the U.S. bank would continue to expand its Chinese business.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.