Citigroup is pushing to be the first foreign bank to take full ownership of its securities business in China, as the US lender tries to leapfrog rivals and take advantage of an easing of rules from Beijing.

As part of its plan, Citi is unwinding its current joint venture with Orient Securities, a local company in which it had a 33 per cent stake, and will next year submit an application for a fully owned business, according to people familiar with the matter.

Despite the trade war with the US, Beijing has continued to open up its capital markets to foreign investors and loosen regulations on how western financial institutions can operate in the world’s second-biggest economy. In July, the People’s Bank of China announced that limits on foreign ownership of securities business and fund management companies would be abolished from next year.