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City secures license for China securities unit
The China Securities Regulatory Commission announced that Citi Group has received approval to establish a wholly owned securities unit in Shanghai, enabling it to provide capital market services both within China and abroad, including underwriting, stock brokerage, securities trading, and investment advisory. This move comes as part of the bank's efforts to strengthen its presence in the world's second-largest economy, with plans to employ around 100 staff members by the end of the year and to expand its local financial capabilities alongside its global footprint.
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