Citigroup is nearing final approval for a wholly owned mainland China brokerage, potentially receiving the license as soon as September 2026 after applying in late 2021 and securing preliminary regulatory clearance in May 2026. The approval would make Citi the seventh foreign bank to hold such a securities license in China. The unit plans to pursue A-share brokerage, underwriting, research and principal trading, complementing Citi’s offshore investment-banking business and onshore corporate and commercial banking relationships. Citi has targeted a team of about 100 employees, using internal transfers and external hiring, although earlier plans targeted that headcount by the end of 2025. The expected approval window coincides with a planned late-September meeting between Chinese President Xi Jinping and US President Donald Trump. Citi exited consumer banking and wealth management in China in 2024 to focus on institutional markets, where it will compete with JPMorgan, Goldman Sachs, Morgan Stanley and large domestic brokerages.