FINANCE

Citi Ends UnionPay Membership Amid China Consumer Banking Retreat

Published: Sep. 6, 2025 3:52 a.m. GMT+8

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The withdrawal marks the final step in Citi’s global restructuring, first announced in April 2021

Citigroup’s Chinese unit has terminated its membership with China UnionPay, the state-owned bank card network, as the American banking giant winds down retail banking on the Chinese mainland.

UnionPay confirmed the exit of Citibank (China) Co. Ltd. in a recent statement. A person at the network told Caixin that the bank voluntarily applied to withdraw, directly tied to its strategic retreat from consumer banking. With Citi’s departure, eight foreign lenders remain UnionPay members, including HSBC Holdings PLC, Standard Chartered PLC and DBS Bank Ltd.

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Citibank (China) ended its UnionPay membership, finalizing its exit from mainland retail banking; eight foreign lenders remain as UnionPay members.
Citi sold its wealth management portfolio to HSBC for $3.6 billion (completed June 2024), closed credit card operations, and cut about 3,500 jobs in China.
Despite restructuring, Citi’s Chinese institutional business continues; 2024 assets were 176.1 billion yuan, with net profit up 53.9% to 1.8 billion yuan.

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Who’s Who

Citibank (China) Co. Ltd.: Citibank (China) Co. Ltd. (Citibank China) recently terminated its membership with China UnionPay, completing its withdrawal from mainland personal banking. This aligns with Citigroup's global strategy to exit retail operations in 14 markets. Citibank China's institutional business, including payment services, remains unaffected. While its assets slightly decreased in 2024, operating income and net profit saw significant increases. Citi executives have expressed their commitment to the Chinese market, exploring new ventures like securities and futures.

HSBC Holdings PLC: HSBC Holdings PLC is mentioned as one of the eight foreign lenders that remains a UnionPay member after Citibank's exit. HSBC also acquired Citibank's wealth management portfolio in China for $3.6 billion, a deal completed in June 2024.

Standard Chartered PLC: Standard Chartered PLC is one of the eight foreign lenders that remains a member of China UnionPay, the state-owned bank card network, after Citigroup's Chinese unit terminated its membership.

DBS Bank Ltd.: DBS Bank Ltd. is one of the eight foreign lenders that remains a member of China UnionPay after Citibank (China) Co. Ltd. terminated its membership. This information is provided within the context of Citibank's strategic withdrawal from consumer banking in China.

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What Happened When

April 2021：: Citi announced its global restructuring plan to exit retail operations in 14 markets, including the Chinese mainland.

October 2023：: Citi agreed to sell its wealth management portfolio in China to HSBC for $3.6 billion.

May 2024：: Citi Chairman John Dugan told Vice Premier He Lifeng that Citi would deepen its footprint in China and explore new business areas.

June 2024：: The wealth management portfolio sale to HSBC was completed, with over 300 employees transferred.

June 2024：: Citi announced plans to streamline its technology centers in Shanghai and Dalian, cutting about 3,500 jobs.

June 2024：: Citi's president for Japan, North Asia and Australia, Marc Luet, stated that the bank was still seeking approval to set up wholly owned securities and futures units.

July 2024：: Citi closed its personal credit card operations in China.

After July 2024：: Citibank China terminated its China UnionPay membership after the closure of its personal banking arm.

End of 2024：: Citibank China ended the year with assets of 176.1 billion yuan, operating income of 5.8 billion yuan, and net profit of 1.8 billion yuan.

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