Citi Ends UnionPay Membership Amid China Consumer Banking Retreat
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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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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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