SHANGHAI - Citigroup announced Thursday it has reached an agreement to set up a securities joint venture in China with Orient Securities.

The joint venture, which still needs regulatory approval, will give Citigroup a foothold in China's thriving capital market.

In a statement, Citigroup said the joint venture, named Citi Orient Securities Co., will engage in investment banking services, including underwriting stocks and bonds and offering advisory services for mergers and acquisitions.

The US banking giant will have a 33-percent stake in the joint venture, the maximum permitted by Chinese regulators, the statement said. The Shanghai-based Orient Securities will take the remaining 67-percent stake, it said.

The two companies will also explore cooperative opportunities in training and research outside of their investment banking services, the statement said.

Citigroup currently has branches in 11 cities on the Chinese mainland. It has helped Chinese companies raise more than $40 billion from overseas capital markets over the past five years.

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