Citi to form China securities venture with Orient: sources

[xchrom]

http://uk.reuters.com/article/2011/06/01/us-citi-china-idUKTRE75005Q20110601

(Reuters) - Citigroup Inc (C.N) and China's Orient Securities have reached a basic agreement to form an investment banking venture, two sources with direct knowledge of the matter said, as the Wall Street bank joins rivals to tap China's booming capital markets.

Earlier this week, Royal Bank of Scotland Group Plc (RBS.L) launched its China securities venture and in January, rivals JPMorgan Chase & Co (JPM.N) and Morgan Stanley (MS.N) also obtained venture licenses.

Citi will hold one-third of the venture, the maximum allowed by regulators, and the official announcement is expected soon, one source said. Citi's head of global banking, Farhan Faruqui, and other top executives are in New York this week to thrash out the final details, the source added.

The two sides will formally sign an agreement this month, the Securities Times reported on Wednesday.

[Turbineguy]

1. Good

now we will not have to worry about China any more. Soon their economy will be as fucked up as ours.