The tricky timing behind Citi’s bet on China

For the past two-and-a-half years, Citigroup has sat on the sidelines while its Wall Street rivals have taken full control of their investment banking units in China, advising on listings and running sales and trading businesses in the world’s second-biggest economy. Last month, China’s regulator, the China Securities Regulatory Commission, conditionally approved a licence for Citi to follow suit and set up its own investment banking operation in the country, in addition to the corporate and..