Citigroup expects approval for China brokerage unit this month

Citigroup is on the verge of receiving final approval for its wholly-owned brokerage unit in mainland China, a milestone that has been roughly five years in the making. The bank applied for the license in late 2021, and the green light could arrive as soon as September 2026. The timing is worth noting. The expected approval window coincides with a planned diplomatic meeting between Chinese President Xi Jinping and US President Donald Trump in late September, a backdrop that lends additional geopolitical significance to an already consequential business development. From application to launch: a long runway Citigroup filed its brokerage license application in late 2021, entering a queue that has tested the patience of several global banks trying to tap China’s onshore capital markets. By the time preliminary regulatory clearance came through in May 2026, Citi had become the seventh foreign bank to secure a wholly foreign-owned securities license in China. Citigroup has been actively staffing up, targeting approximately 100 employees for the new unit by the end of 2025 through a combination of internal transfers and fresh hires. The new brokerage is expected to engage in A-share trad...