Citi's CEO went to China with Trump — then Beijing finally approved a deal she'd been championing for years

May 15, 2026 - 17:53

Citigroup's long wait for a China securities license finally ended this week, with Beijing approving the deal during President Trump's visit to the country. The approval came after four years of regulatory limbo, and it marked a personal victory for Citi CEO Jane Fraser, who had championed the application since taking the top job.

Fraser was part of the U.S. business delegation that accompanied Trump to Beijing for trade talks. Sources inside the bank say the timing was not a coincidence. The Chinese government had held up the license since 2019, citing a range of regulatory concerns. But the approval arrived just as Trump and Chinese President Xi Jinping were meeting to discuss trade imbalances and market access.

The license allows Citi to underwrite securities and trade bonds in China, a market that has been slowly opening to foreign banks. For Citi, the move is critical. The bank has struggled to compete with local giants like China Merchants Bank and international rivals such as HSBC. Fraser has made China a cornerstone of her strategy to revive Citi's global footprint.

Analysts say the approval signals a thaw in U.S.-China financial relations, but they caution that the deal is narrow. Citi still faces caps on ownership and restrictions on the types of products it can sell. Still, for a bank that has spent years watching its competitors gain ground, the green light is a significant win. Fraser, who flew back to New York with the delegation, is expected to announce a leadership team for the new unit within weeks.