Reuters - Citi considering setting up an onshore cash equities business in China

Citi Building Sign

Citigroup is considering setting up an onshore cash equities business in China and expanding research coverage of Chinese stocks, to boost its share of the business in Asia, said the head of its regional equities unit.

The U.S.-headquartered bank is also looking to add at least 10 people to the unit, including bankers and technology staff, mainly at its Hong Kong and Singapore hubs, Richard Heyes told Reuters.

Citi’s sharpened focus on its Asia equities business, which includes stock trading and research, is part of its global effort to bolster trading technology, hire senior bankers and boost financing to hedge funds.

“It’s an interesting opportunity, one we are looking very closely at,” Heyes said, referring to setting up an onshore cash equities business in China, which he said was in its early stages. He declined to give details.

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Citigroup considering onshore cash equities business in China

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