HSBC [profile] and Citigroup have received the OK to distribute mutual funds and expand their services in China by the country's securities regulators, Reuters reported. HSBC commented on the much anticipated license:

"This product offering not only supplements the existing range of wealth management products offered by foreign banks, but also broadens distribution channels for local funds," Helen Wong, chief executive of HSBC China, said in an emailed statement.

State lenders in China have far more branch networks and resources than foreign banks, however, asking the question: Will HSBC and Citigroup's licenses be worth the effort? To read more, click here. 

Edited by: Casey Quinlan


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