Citigroup set to apply for wholly owned China securities unit

Growth plan: Pedestrians walk past a Citibank building in New York. The US bank plans to submit an application for a licence to underwrite yuan-denominated shares and conduct trading for clients on the Chinese mainland. — Reuters

NEW YORK: Citigroup Inc is about to apply to set up an investment banking business in China, joining its major Wall Street rivals in a chase after billions of dollars in potential profits as the nation opens its US$54 trillion (RM224.30 trillion) financial market.

The US bank plans to submit an application for a licence to underwrite yuan-denominated shares and conduct trading for clients on the Chinese mainland over the next couple of days, a person familiar with the plan said, who asked not to be named discussing a private matter.