The Strategist

Citigroup becomes first American bank to obtain depository license in China

09/03/2020 - 03:09

American bank Citigroup received a license to operate as a depository bank in China.

Now the bank can deal with the custody of his clients' securities and sell custody services to local investment funds. 

Citigroup became the first American bank to receive such a license in China, as well as the first among the five largest depository banks in the world.

Recently, more and more American financial companies have received work permits in China. In August, BlackRock, one of the largest asset management companies, received permission to set up a mutual fund in China. 

Last week, one of the largest investment companies in the world, Vanguard, announced the move of its Asian headquarters from Hong Kong to Shanghai. In June, American Express became the first Western company to receive a credit card license in China.