China grants approval to Citi for wholly-owned securities company

BEIJING -- China's securities regulator on Friday approved Citigroup's plan to establish a wholly-owned securities company in the country, the latest step in the country's broader push to open the financial sector wider to foreign institutions.

The approval allows the US firm to offer capital markets services in China, including equities brokerage, securities investment advisory, securities underwriting and proprietary securities trading, the China Securities Regulatory Commission said in a statement.

The firm, Citigroup Securities (China) Company Limited, will be registered in Shanghai, with registered capital of 1.2 billion yuan (about $178.6 million).