As part of its broader global refresh strategy, Citi will wind down and exit consumer banking in mainland China.
Citi will wind down its consumer banking business in mainland China, according to a statement. The cost of the wind-down is not expected to be material and approximately 1,200 employees will be affected across deposits, insurance, mortgages, investments, loans and cards.
The exit also does not include Citi's institutional business in China.
«We have been in China since 1902 and we will continue to support our clients in Citi’s global wealth management business and market-leading institutional franchise in the country,» said Citi China CEO Christine Lam.
Last APAC Market
The announcement of its China wind-down marks the final outstanding APAC market for withdrawal, as per an April 2021 announcement to exit 14 consumer markets globally where the bank lacks the scale to compete.
Out of the 14 markets Citi planned to exit, it has already announced the sale of nine, of which five have completed transactions (Australia, Bahrain, Malaysia, Philippines and Thailand), as well as the wind-down of its operations in Korea and Russia.
