Citi Group was imposed by the Federal Reserve for a huge amount of fines due to data management and risk control related issues. It is reported that its expansion plan in China has encountered obstacles from US regulators.
Reuters on Monday (September 23) reported that Bloomberg News Sunday (22nd) said that Citi ’s plan to set up an independent securities company faces delays because it has not received a approval letter from the Federal Reserve to verify its regulatory statusAnd Chinese officials need to see this approval letter.
Bloomberg said that Citi was instructed to solve its data management problems in China in July after a fine of US $ 136 million (S $ 176 million), but this fine also made Citi more difficult to comply with complianceChina's license rules.
Citi agreed to pay a fine of nearly $ 136 million in July, because the company "lacks progress" in a 2020 law enforcement operations in the company's 2020 law enforcement operations.
Bloomberg also quoted people familiar with the matter and said that Citi continues to discuss the establishment of the above business with the Chinese securities regulatory agency. It does not intend to withdraw the application, and adds that the current situation is uncertain and may change.
Citi refuses to comment on the process of its application license, saying that the company is still committed to supporting Chinese customers.
