Citigroup (C) anticipates regulatory approval from Beijing for a wholly-owned brokerage business, possibly before October, and plans to add several dozen staffers to the new unit before the end of the year, Reuters reported Friday, citing two unnamed people with knowledge of the matter.

JPMorgan Chase (JPM), Goldman Sachs (GS) and Morgan Stanley (MS) already have brokerage units in China, the report said.

If approval is secured, Citigroup will offer underwriting of yuan-denominated stocks and bonds in China, and execute onshore trading and brokerage services for domestic and institutional clients, Reuters said.

Citigroup's planned new unit will focus on the technology, healthcare, consumer and financial sectors, the report added.

Representatives from Citigroup did not immediately respond to a request for comment from MT Newswires.

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