Citigroup [NYSE: C] Eyes Bigger Presence in World’s Largest Economy, China

Citigroup Inc. [NYSE: C] is preparing to expand its presence in the world’s second-largest economy China. According to Wall Street Journal, Citigroup has submitted an application for a securities license in China as the New York-based bank aiming at a bigger presence in the world’s second-largest economy.

WSJ report also disclosed that Citigroup is also planning to employ around 100 people in mainland China in the next two years to back its expansion process onshore. The bank recently filed its application to the China Securities and Regulatory Commission. Moreover, it has also decided to apply for a future license in the coming months.

Previously, Citigroup has been recognized as the World’s Best Digital Bank by Global Finance magazine for the 20th consecutive year. The award is a true indication of Citi’s struggles in bringing advancement and enhancing the client experience as it continues to invest in its award-winning omnichannel delivery platforms such as CitiDirect and CitiConnect.

Furthermore, Citi has established itself as a significant worldwide bank, with over 200 million customer accounts and operations in over 160 countries and territories worldwide. Citi offers a broad array of financial goods and services to individuals, businesses, governments, and organizations. Its services include consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.