Citigroup is close to forming a joint venture in China with brokerage Orient Securities that will strengthen its profile in the country’s lucrative capital markets, people close to the agreement say.
The partnership with the Shanghai-based group could be formally announced as soon as today and would give Citigroup a platform to underwrite stock and bond issues in China.
Citigroup would be allowed by Chinese law to hold a maximum one-third stake, with the rest controlled by Orient Securities.
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