Citigroup applies for securities license in China

© Reuters. FILE PHOTO: People walk under the logo of a Citibank branch in the financial district of San Francisco, Calif. July 17, 2009. REUTERS / Robert Galbraith / File Photo

(Reuters) – Citigroup Inc (NYSE 🙂 has applied for a securities license in China as the New York-based bank contemplates a greater presence in the world’s second-largest economy, the Wall Street Journal reported on Friday.

The bank recently submitted its application to the China Securities and Regulatory Commission and is also applying for a term license in the coming months, the report said, citing a person familiar with the matter.

Citigroup intends to hire around 100 people in mainland China over the next two years to support its onshore expansion, according to the report.

Citigroup did not immediately respond to an after-hours request for comment from Reuters.

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