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Goldman, Citigroup lead U.S. banks plowing billions into China

(March 17): Goldman Sachs Group Inc. led U.S. banks plowing billions of fresh cash into China last year, undeterred by political turmoil as the world’s second-largest economy further opens its US$50 trillion financial market.
The bank’s “cross currency outstandings” rose 33% to US$17.5 billion last year in China, covering a broad array of cash and financing to companies and government entities, according to an annual filing. Together with Citigroup Inc., JPMorgan Chase & Co., Bank of America Corp and Morgan Stanley, the five big U.S. banks had US$77.8 billion in exposure, up 10% from 2019.
China’s financial markets are a potent lure for the world’s biggest banks, with billions of profits on the line in investment banking and wealth management. But they also face an opaque regulatory environment and a tense political climate that has deteriorated over the past years and that’s unlikely to see major improvements under the Joe Biden administration. ....

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Goldman, Citi Lead U.S. Banks Plowing Billions Into Chi...

Credit Suisse Group AG is seeking to gain full control over its securities venture and plans to double its headcount and revenue in the world’s fastest growing major economy. UBS Group AG also wants to double its China footprint in three to five years, and is seeking to deepen control over its Chinese securities unit. Barclays Plc Chief Executive Officer Jes Staley said on Tuesday the bank is looking to build on its small presence in China, while continuing to invest in capital markets, an area that has brought in strong growth during the pandemic.
But challenges abound. Foreign banks have to navigate a murky regulatory system. Despite China allowing them to apply for full ownership of their partnerships a year ago, none of them have yet been able to secure that. They also have to battle with uncertainty as was the case when Ant Group Co.’s initial public offering was derailed days before its scheduled trading debut, putting millions in fees at risk. ....

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