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​Citibank Becomes First U.S. Lender to Win Fund Custody License in China
Published on: 2020-09-03
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citiChinese regulators have granted a domestic fund custody licence to Citigroup, making it the first American bank to receive one after mainland regulators tweaked the rules this year to further open up the country’s mutual funds sector.
 

Rule changes by the China Securities Regulatory Commission and the China Banking and Insurance Regulatory Commission this year allowed local branches of foreign banks to apply for fund custody licences for the first time.
 

This licence granted by the CSRC lets Citibank (China) provide custody-related services to both mutual funds and private funds domiciled in China after passing an on-site inspection later this year.
 

Chinese regulators have granted a domestic fund custody licence to Citigroup, making it the first American bank to receive one after mainland regulators tweaked the rules this year to further open up the country’s mutual funds sector.
 

Standard Chartered was the first foreign bank to receive a domestic fund custody licence in 2018 under prior rules that allowed local subsidiaries to apply for such licences.
 

Banks, insurers and asset managers are scrambling to take control of their joint ventures in China this year after Beijing relaxed rules on the foreign ownership of financial services firms, which came earlier than expected.
 

Since April 1, global fund companies have been able to apply to the CSRC for approval to buy 100 per cent stakes in fund management joint ventures, which would allow them to create and distribute mutual funds for the US$2.3 trillion retail investor market in China.
 

花旗拿到基金托管业务资格,首家获得资质的“美国银行”

花旗集团(Citigroup)宣布其子公司已获得中国证监会颁发的中国基金托管牌照。这意味着,花旗成为了首家获此执照的美国银行,也是全球前五大托管人中的第一家。
 

在经过监管机构的现场检查后,花旗将为中国境内的公募基金和私募基金提供基金托管服务。花旗亚太证券服务主管大卫•罗素(David Russell)周三在一份声明中表示,“随着国际基金管理公司、证券公司和保险公司纷纷在华设立机构,我们认为他们将需要一个值得信赖的服务提供商来帮助他们降低风险和成本。”
 

今年早些时候,在中国取消了对外资持股的限制后,几家美方的资管公司均扩大了在华的业务。上周,贝莱德(BlackRock)便成为首家获得监管机构批准,在中国设立共同基金部门的全球资管公司。全球最大公募基金先锋领航集团(Vanguard Group)最近也宣布,将把亚洲总部迁至上海,并关闭中国香港和日本的业务。
 

截至目前,已有47家银行券商获得了证券投资基金托管人资格。据Wind数据统计,此前,花旗银行(中国)、三菱日联银行(中国)、星展银行、德意志银行(中国)和汇丰银行(中国)已具备QFII托管资格。

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