(Reuters) – Citigroup Inc (NYSE:C)’s plan to set up a wholly-owned securities business in China is taking longer than expected 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 the earliest, the report added, citing people familiar with the matter.

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

Citigroup declined to comment on the report when contacted by Reuters.

Citigroup CEO Jane Fraser said in June the U.S. bank would continue to expand its Chinese business.