Citi and Visa win Chinese approvals to expand local operations
Reuters reports China's securities regulator approved Citigroup's wholly-owned securities company, and Visa began preparing a domestic card clearing institution.
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what happened
Beijing is opening its market to two US companies. Citigroup has received approval from the China Securities Regulatory Commission to set up a wholly-owned securities company in China, a move it announced on October 23. Visa has been allowed to begin preparations for a domestic bank card clearing institution, according to the People's Bank of China, which said so on October 13.
Reuters notes the step is long overdue. Both firms could profit from an economy of about $20 trillion and its outbound ambitions, using global networks that Chinese rivals would struggle to copy.
why it matters
For markets, this signals a gradual easing of access for foreign financial firms in China. For Citi and Visa, it means potential business growth in a large economy where their international networks remain a key advantage.
market impact
Citigroup, Visa: wider access to China supports their growth prospects in that market
tags
instruments
sources
- Citi, Visa still matter to China, and vice versa — Reuters, 27 October 2026 at 04:07 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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