China data laws delay Citigroup's investment banking plans

China data laws delay Citigroup's investment banking plans

FILE PHOTO: The Citigroup Inc (Citi) in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren/

Citigroup Inc’s plan to set up a wholly-owned securities business in China is taking longer than expected because the bank needs more time to comply with the country’s data laws, Bloomberg News reported on Monday.