Citigroup Inc. plans to apply for a variety of wealth management licenses in China, the Global Times said in a tweet.
The firm wants approval to trade securities and futures, and underwrite the sales of stocks and bonds, according to the state-run newspaper.
The bank last week said it plans to exit retail banking in 13 markets across Asia, Europe, the Middle East and Africa as part of a strategic overhaul, though it will continue to serve corporations and private banking clients in those areas.
Contours of the exit were not immediately known and the proposed exit from the consumer banking business will also need regulatory nods.
“There is no immediate change to our operations and no immediate impact to our colleagues as a result of this announcement. In the interim, we will continue to serve our clients with the same care, empathy and dedication that we do today,” Citi India’s Chief Executive Ashu Khullar said.
“The sharpened strategy will strengthen our ability to bring the full global power of Citi to our institutional clients, reinforcing our leading positions across corporate, commercial and investment banking, treasury and trade solutions, as well as markets and securities services,” he added.
Apart from the institutional banking business, it will continue to focus on offshoring or global business support rendered from centres in Mumbai, Pune, Bengaluru, Chennai and Gurugram.
Khullar said India is a strategic talent pool for Citi and it will continue to grow the five ‘Citi Solution Centers’.