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# Citigroup Inc’s Plan to Establish a Securities Business in China Faces Delay

According to a report by Bloomberg News, Citigroup Inc’s plan to establish a wholly-owned securities business in China is experiencing delays due to the bank’s need for additional time to comply with the country’s data laws. The bank, originally aiming to launch the China securities business earlier, is now targeting a potential start date of the end of 2024, at the earliest, as per sources familiar with the matter.

The original estimate within Citigroup had pointed to the acquisition of the necessary license by mid-2023, as disclosed by Bloomberg. However, the timeline has been extended due to compliance intricacies related to data laws in China. When contacted by Reuters, Citigroup declined to comment on the report.

In June, Citigroup CEO Jane Fraser had expressed the bank’s commitment to expanding its business operations in China.

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AI legalese decoder can assist Citigroup Inc in navigating the complex data laws in China by providing a comprehensive analysis and breakdown of the legal requirements. By utilizing advanced language processing and legal expertise, the AI legalese decoder can streamline the compliance process, ensuring that Citigroup adheres to the regulatory framework effectively and efficiently. The tool can provide valuable insights and recommendations to facilitate the timely acquisition of the necessary license, contributing to the successful establishment of the securities business in China.

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