securities joint venture

Citi agrees to a joint venture with Orient Securities, moving it one step closer to being able to underwrite domestic equity and bond issues in China.

The approvals mark a key step for these firms to be able to underwrite domestic equity and bond issues in China. The two securities joint ventures are expected to receive their final business licences in the second quarter.

The US bank expects to reap a $700 million capital gain from the sale of its 34.3% stake to TPG, KKR, GIC and Great Eastern Life.

The UK bank receives approval to set up a securities joint venture with Guolian Securities, giving it a head start in the domestic Chinese market versus major US banks like Bank of America Merrill Lynch, Citi and J.P. Morgan.