HONG KONG: Citigroup Inc plans to apply for a variety of wealth management licenses in China, the Global Times said in a tweet.
The firm wants approval to trade securities and futures, and underwrite the sales of stocks and bonds, according to the state-run newspaper. A Hong Kong-based Citigroup spokesman said the lender continues to “explore opportunities to support its local and global clients in China further”. The bank last week said it plans to exit retail banking in 13 markets across Asia, Europe, the Middle East and Africa as part of a strategic overhaul, though it will continue to serve corporations and private banking clients in those areas.
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