ICBC(SH:601398) Zhong Guo Jing Ying Bao·2025-08-08 06:59Group 1 - Citibank (China) has obtained fund custody qualifications in China, following Standard Chartered Bank (China) [1] - The fund custody service will cater to both public and private funds within China [1] - Industry experts suggest that foreign banks may face disadvantages compared to domestic banks due to fewer branches and a smaller existing client base [1][3] Group 2 - Citibank aims to target cross-border and international clients to differentiate itself in the fund custody market [2][4] - The total assets of public funds, wealth management products, and other asset management projects in China reached approximately $16 trillion by April 2020 [2] - Citibank has been investing heavily in local custody, clearing, and fund service capabilities to capture opportunities in the Chinese market [2] Group 3 - The number of institutions with fund custodian qualifications has reached 48, with 28 being commercial banks as of July this year [3] - The top 18 fund custodians are all domestic banks, with Industrial and Commercial Bank of China holding the most funds at 1,124, amounting to approximately ¥2.41 trillion [3] - Citibank's entry into the fund custody market coincides with a booming new fund issuance environment in China [5] Group 4 - HSBC and Deutsche Bank are also pursuing fund custody qualifications in China, indicating a trend among foreign banks [4][5] - The rapid increase in new fund issuance and the expansion of the fund custody market are seen as significant opportunities for foreign banks [5] - The Chinese market offers substantial opportunities for global participants, and Citibank aims to leverage its global platform and risk management framework to support the development of China's financial market [6]