05:58 AM EDT, 09/24/2024 (MT Newswires) -- (Updates with a response from the company in the last paragraph.)

Citigroup's ( C ) China expansion plans have been hampered by US and Chinese regulators, Bloomberg reported Monday, citing unnamed people familiar with the matter.

Before it can set up a securities business in China, Beijing has told the bank it must first resolve its troubles at home after it was slapped with $136 million in Federal Reserve fines over data and risk management shortfalls, Bloomberg reported.

Citi remains in discussion with China's securities regulator to set up the business. The company hoped to launch a China investment banking business last year but pushed back the date to this year, the news outlet said.

A Citi spokesperson declined to comment on ongoing conversations with Chinese regulators. "We remain fully committed to supporting clients in this country," they said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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