Citibank denies rumors of "exiting the Chinese market" and only closes personal business

According to news from this site on November 7, Citibank (China) Co., Ltd. issued a statement on its official Weibo account (Citi Commercial Bank) today, saying that recently, individual self-media and social media have published untrue statements about "Citigroup's withdrawal from the Chinese market." The reports and misleading remarks are exaggerated and untrue. Citibank said in a statement that

Citigroup is making strategic adjustments to its personal banking business globally, including gradually closing its personal banking business in mainland China

. This adjustment does not involve corporate and institutional client business. Citi will continue to firmly develop corporate and institutional client business in mainland China. Citi currently has about 7,500 employees in China, spread across 12 cities.

This website inquired and learned that Citibank issued a notice in October this year. Citibank has signed an agreement with HSBC China to transfer its The personal banking wealth management business in Mainland China

covers accounts, deposits and related financial products (except insurance products) held by individual customers. Citigroup announced its global strategic adjustment and transformation as early as April 2021. The gradual closure of personal banking business in mainland China is part of this, including the transfer of personal banking wealth management business. After full coordination and close communication with all relevant parties,

the transaction is expected to be completed in the first half of 2024

. Other businesses of Citi China Personal Banking continue to be gradually shut down.

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