Citigroup granted fund custody licence in China, DBS approved to establish majority-owned securities joint venture

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Chinese regulators have granted a domestic fund custody licence to Citigroup and approved the establishment of a joint-venture securities company known as DBS Securities (China), controlled by DBS, as the country further opens up its financial service sector.

The China Securities Regulatory Commission (CSRC) and the China Banking and Insurance Regulatory Commission (CBIRC) have changed rules to allowed local branches of foreign banks to apply for fund custody licences for the first time.

The licence granted by the CSRC allows Citibank (China) provide custody-related services to both mutual funds and private funds domiciled . . .

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