The licence issued and approved by the China Securities Regulatory Commission, allows Citi to operate as a custodian bank in China.
It arrives at a time when more firms are looking to tap into China’s financial sector since its relaxation of rules on foreign banks and insurance.
Despite heightened Sino-US tensions, asset managers are breaking into China as foreign ownership restrictions lift.
Since 1 April global fund companies can apply to regulators for approval to buy 100% in fund management joint ventures.
