Citigroup on Thursday announced a tie-up with Chinese securities firm Orient, giving the US bank a chance to compete with its foreign rivals in China''s booming capital markets. Orient Securities Co Ltd will have a 67 percent stake in the investment banking joint venture, which still requires Chinese regulatory approval, while Citigroup will hold the rest, the US firm said in a statement.
The joint venture will enable Citigroup, which has retail and corporate banking operations around China, to underwrite stocks and bonds for Chinese and foreign companies in the world''s second-largest economy. It will also be able to offer domestic advisory services on mergers and acquisitions - currently conducted out of Citigroup''s Hong Kong office.