7th June 2023 – (Beijing) Citigroup’s Chief Executive Jane Fraser met with the head of China’s National Financial Regulatory Administration (NFRA) on Monday, in a bid to expand the bank’s presence in the Chinese market after withdrawing from retail banking globally. The NFRA stated that China will open up its financial sector further, with Citi being the first foreign executive to meet Li Yunze, who assumed the role as head of the regulator overseeing China’s multi-trillion dollar financial industry in May. Currently, Citigroup offers corporate and institutional banking, global markets, and wealth businesses in China.
Li told Fraser that China will further open up its financial markets to foreign investors, with Citigroup applying to set up a securities brokerage in China. Fraser’s trip follows J.P. Morgan’s chief Jamie Dimon, who visited Shanghai last week, and other global financial chiefs who visited Beijing in March.