Investing
Citigroup China investment bank plans delayed by data law -Bloomberg News
© Reuters. FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo
(Reuters) – Citigroup Inc (NYSE:)’s plan to set up a wholly-owned securities business in China is taking longer than expected because the bank needs more time to comply with the country’s data laws, Bloomberg News reported on Monday.
The bank is now looking to start the China securities business around the end of 2024 at the earliest, the report added, citing people familiar with the matter.
While no timetable had been set, Citigroup had internally estimated the license would be in place in mid-2023, Bloomberg reported.
Citigroup declined to comment on the report when contacted by Reuters.
Citigroup CEO Jane Fraser said in June the U.S. bank would continue to expand its Chinese business.
Read the full article here
Zillow: These Are the Top 10 Hottest Housing Markets of 2025
Former Zillow Execs Target $1.3T Market
Automate Applications and Supercharge Your Job Hunt for $39
All the PDF Tools You Need in One Easy-to-Use App
Bank regulator gives BlackRock new deadline on bank stakes, Bloomberg reports By Reuters
5 Things That Could Significantly Impact Your Company in 2025
NFI Group surge after board reshaped with new appointments, chairperson By Investing.com
Microsoft Is About to Begin Job Cuts. Here’s Why.
10 Critical Questions to Ask Your Financial Advisor Now
10 Ways to Make Money As a Graphic Designer
Debt ceiling debate and its effect on the U.S. dollar
Debt ceiling default: Still no deal between parties
Stovall: If the U.S. defaults on its debt, all S&P 500 sectors will likely fall
What China's weaker-than-expected economy could mean for U.S. markets
A ‘Big Short’ investor sees financial disaster brewing in housing markets — again
-
Side Hustles7 days ago5 Things That Could Significantly Impact Your Company in 2025
-
Investing7 days agoNFI Group surge after board reshaped with new appointments, chairperson By Investing.com
-
Side Hustles5 days agoMicrosoft Is About to Begin Job Cuts. Here’s Why.
-
Make Money4 days ago10 Critical Questions to Ask Your Financial Advisor Now
-
Make Money3 days ago10 Ways to Make Money As a Graphic Designer
-
Passive Income6 days ago3 Challenges Entrepreneurs Will Face in 2025
-
Investing5 days agoWhat CMOs Need to Know About AI Adoption in Marketing Teams
-
Side Hustles6 days agoThe Canadian Media Lawsuit That Could Reshape Tech’s Future