Citi winds down China consumer banking business
The exit does not include its institutional business, Citi said.
Citi has officially winded down its consumer banking business in China, the bank announced.
Consumer products and channels affected by the exit include deposits, insurance, mortgages, investments, loans and cards. The exit does not include its institutional business, Citi clarified.
The exit was first announced in April 2021, part of an announced exit of consumer business in 14 markets across Asia, Europe, Middle East, Africa, and Mexico. Citi said that it is currently pursuing the sale of its consumer banking portfolio in China.
Approximately 1,200 employees in China are expected to be affected by its exit. Citi said that it will “work closely with stakeholders during the process and ensure minimal inconvenience for clients,” as well as explore options for employees who wish to continue to work at Citi.
“While we explored multiple strategic options for our China consumer business over the past several months, we believe that this path makes the most sense and we are focused on a seamless transition for our clients, partners and colleagues,” said Titi Cole, Citi’s CEO of Legacy Franchises.