Foreign banks go wholly owned in China (2018-2026)
Beijing removed foreign ownership caps on securities firms in 2018. Since then, J.P. Morgan, Goldman Sachs, Standard Chartered, BNP Paribas, Mizuho and UBS have all established wholly owned brokerages in China, converting from joint ventures or entering fresh.
Foreign banks gained direct access to China's onshore securities market, competing with local brokers for underwriting and advisory business.
Citi's approval makes it the seventh wholly foreign-owned brokerage, with Daiwa Securities expected to become the eighth.
Citi's approval follows the same path as its US peers, reflecting a broader opening of China's financial sector to foreign ownership.
