Citi ibanking heads for Beijing

Citigroup has signed a mainland investment banking joint venture with China ahead of the sector expected opening according to The Financial Times.

The China investment announcement continues to set the stage for the Chinese government to relax the current ban on foreign investment in China’s securities industry.

Nonetheless, Credit Suisse and Morgan Stanley both signed similar China investment agreement last month and Goldman Sachs and UBS signed their deals prior to the ban two years ago.