Citigroup (NYSE:C) has set its sights on launching its investment banking arm in China by the end of 2024, as reported on Thursday. The move entails the hiring of approximately 30 individuals for the unit, which will concentrate on the domestic capital market.

In a push to strengthen its foothold in the Chinese market, Citi (C) submitted an application for a wholly owned mainland Chinese brokerage business license towards the end of 2021. The financial institution already provides institutional, corporate, and other banking services in the country.

According to a source with direct insight, the staffing for the Chinese venture could surge to nearly 100 in the upcoming years, attributed to local recruitments and transfers from Hong Kong and other markets.

Despite China’s second largest economy grappling with economic challenges stemming from a real estate crisis, its initial public offering market sustained noteworthy strength in 2023 for the second consecutive year, the report highlighted.