Citigroup launches investment banking in China in new joint venture
This Oct. 13, 2011 file photo shows a Citibank branch in New York. (AP Photo/Mark Lennihan, File)
Published Tuesday, August 7, 2012 2:52PM EDT
Last Updated Tuesday, August 7, 2012 2:53PM EDT
NEW YORK-- Citigroup has launched investment banking operations in China via a joint venture.
The New York-based international bank said in a statement issued Monday in Shanghai that it had entered into a joint venture with the Orient Securities Co. Ltd. Primarily located in Shanghai, the joint venture will offer investment banking business, including debt and equity underwriting in China.
Orient Securities has a 66.7 per cent stake in the new entity, with the remaining 33.3 per cent owned by Citigroup Global Markets Asia.
The venture will have about 200 employees, the statement said.
Citigroup shares rose 52 cents, or 1.8 per cent, to $29.07 in afternoon trading Tuesday. They have traded in a 52-week range of $21.40 to $38.40.