Citigroup mulling over onshore cash equities business in China

Hong Kong

CITIGROUP Inc is considering setting up an onshore cash equities business in China and expanding research coverage of Chinese stock to boost its share of the business in Asia, the head of its regional equities unit said.

The US-headquartered bank is also looking to add at least 10 people to the unit, including bankers and technology staff, mainly at its Hong Kong and Singapore hubs, Richard Heyes said.

Citi's sharpened focus on its Asia equities business, which includes stock trading and research, is part of its global effort…