The banks can now start providing Wealth Management Connect (WMC) services.
A former relationship manager at Citic lied about an additional sum they had to pay the bank for opening accounts.
The firm has launched an income-generating mixed-asset product in Hong Kong.
CITIC Bank confirmed to mainland media that Ma Xutian, its head of asset management business and chief investment officer, is under investigation.
China’s dividends for the full year are on course to fall for the first time on record, according to a report from Henderson Global Investors.