Citigroup Inc.’s push to set up a wholly-owned securities business in China is taking longer than planned because the bank needs more time to comply with the country’s data laws, people familiar with the matter said.
The New York-based firm is now looking to start the China securities business around the end of next year at the earliest, the people said, asking not to be identified because the deliberations are private. While no timetable had been set, Citigroup had internally estimated the license would be in place in mid-2023, one of the people said.
Read More : Citi’s Onshore China Investment Bank Plans Face Delays Due to Data Law