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

The bank is now looking to start the China securities business around the end of 2024 at theearliest, the report added, citing people familiar with the matter.

While no timetable had been set, Citigroup had internally estimated the license would be inplace in mid-2023, Bloomberg reported.

Citigroup CEO Jane Fraser said in June the U.s. bank would continue to expand its Chinesebusiness

(Source: Reuters)