Earlier this morning in New York, Citi and Orient Securities signed a securities joint venture agreement to operate in the Chinese domestic market. The new JV will be called 东方花旗证券有限公司 in Chinese and Citi Orient Securities in English.
It is subject to regulatory approvals that people close to the deal say they hope might come as early as the first quarter of 2012.
Put simply, the JV means Citi can finally operate in the Chinese domestic market, crucially in equity and debt underwriting and advisory services.
“You could say this has basically been the missing piece of the China jigsaw for Citi,” said a...