RTTNews | Dec 3, 2021 03:47AM EST

03:47 Friday, December 3, 2021 (RTTNews.com) - Citigroup Inc. (C) has applied for a securities license in China, as the New York-based banking giant eyes a bigger presence in the world's second-largest economy, the Wall Street Journal reported citing a person familiar with the matter.

The bank recently submitted its application to the China Securities and Regulatory Commission, the Journal reported.

According to the report, Citigroup also plans to apply for a futures license in the coming months and intends to hire around 100 people in mainland China in the next two years to support its expansion onshore.

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