Citi's Fraser: China License Gives Bank Edge on Rivals
Channel: Bloomberg Television
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Read a transcript preview of “Citi's Fraser: China License Gives Bank Edge on Rivals” from Bloomberg Television, uploaded on 2026-11-10.
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Language: English (original, creator captions)
[0:00] Wholly owned securities business that's been finally approved after about a five year wait since you
[0:05] really became chair and CEO. You've been pushing for that. Congratulations on that. But I really
[0:09] wanna start with what was your key message to the 1,500 people that are gathered here?
[0:15] What's top of mind?
[0:16] Look. My key message is one of the the great... Greatest strategic opportunities in financial services
[0:23] is China. And I think we're we're particularly excited getting our license because of the... I'm
[0:31] very grateful to the regulators here for giving that to us because we we see a
[0:36] huge opportunity here. If I look at it from a couple of different dimensions, one of
[0:42] them, Citi serves 70% of the global Fortune 500, here in China. Incredibly active market for
[0:51] them. Similarly, and what's different we've seen over the last three years is how many of
[0:56] the Chinese companies are expanding globally, and I'm seeing them ever... Everywhere. We're seeing it in
[1:02] Latin America, Central Asia, traditional spaces like The States and Europe, and, obviously, all over, all
[1:10] over Asia. But, I was walking around the floors of our Shanghai office yesterday doing a
[1:17] floor walk with our different teams. They were just... The growth is so tangible. There was
[1:24] just palpable excitement from the teams around what they're seeing in foreign exchange, what we're seeing
[1:30] cash management, what they're seeing in trade, what they're seeing in investment banking, what they're seeing
[1:34] in wealth creation. So I think some of t