Citi’s exit from China retail banking business to affect 1,200 employees
- American bank announced plans to exit consumer banking in 14 markets internationally last year
- Citigroup has announced sales in nine markets, and is also winding down its Korean retail banking and Russian operations
Citigroup said it plans to wind down its consumer banking operations business in mainland China after failing to find a buyer for the business since first announcing plans to exit retail banking businesses in 14 international markets last year.
The move will affect 1,200 employees and Citi said it would explore options for employees who wish to continue to work for the bank in China or across its global network.
The American bank said it would continue to actively pursue sales for portfolios within the business, which include insurance, mortgages, loans and cards. The wind down does not include its institutional or wealth management businesses in China, the bank said.
“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, CEO of Citi’s legacy franchises.
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Citigroup is in the process of exiting consumer banking businesses in Asia, Europe, the Middle East, Africa and Mexico as part of a refresh of its strategy.
First announced in April 2021, the bank said it wanted to focus on international wealth centres in Hong Kong, Singapore, the United Arab Emirates and the United Kingdom and leave markets where it lacks scale to compete.
