BRIEF: Citibank leaves UnionPay amid retail business wind-down
Electronic transfer settlements company China UnionPay recently announced that it has terminated the membership of Citibank (China) Co. Ltd., confirming Citibank initiated the move as part of its withdrawal from China’s retail banking business.
Citibank China said its UnionPay membership was no longer necessary with the sale and closure of its retail wealth management and credit card businesses, according to a Caixin report on Friday. Citibank China’s corporate banking services — including domestic and cross-border payments and collections — remain unaffected by the move. The bank emphasized it will continue to deepen its presence in China, focusing on serving corporate and institutional clients for their cross-border banking needs.
Citigroup Inc. (C.US) announced in 2021 that it would exit retail banking in 14 global markets including Mainland China. Since then, Citibank China has sold $3.6 billion worth of wealth management assets to HSBC and completed the transfer of its retail and credit card businesses in 2024. Meanwhile, Citigroup also announced in June it would streamline its global technology centers in Shanghai and Dalian, cutting about 3,500 employees.
Citibank China had total assets worth 176 billion yuan ($24.69 billion) at the end of last year, down 1.4% year-on-year, according to its annual report. The company’s revenue for the year rose 20.5% year-on-year to 5.8 billion yuan, while its net profit surged 53.9% to 1.76 billion yuan.
By Lee Shih Ta
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