Shulou(Shulou.com)11/24 Report--

Thank CTOnews.com netizens Huahuazi for the clue delivery! CTOnews.com November 7 news, Citibank (China) Co., Ltd. said in a statement on its official account (Citibank Commercial Bank) today that in recent days, individual self-media and social media have published false reports and misleading remarks about "Citibank's withdrawal from the Chinese market," which are exaggerated and untrue.

Citigroup has made strategic adjustments to its personal banking business around the world, including the gradual closure of its personal banking business in mainland China, Citigroup said in a statement. The adjustment does not involve the business of corporate and institutional clients, and Citi will continue to firmly develop its business of corporate and institutional clients in mainland China. Citi currently has about 7500 employees in 12 cities in China.

CTOnews.com inquiries learned that Citibank issued a notice in October this year that Citibank had signed an agreement with HSBC China to transfer its personal banking wealth management business in mainland China, including accounts, deposits and related wealth management products held by individual customers (excluding insurance products).

Citi first announced the adjustment and transformation of its global strategy in April 2021. The gradual closure of personal banking business in mainland China is part of this transfer of personal banking wealth management business. After full coordination and close communication with all interested parties, the transaction is expected to be completed in the first half of 2024. Other businesses of Citibank China personal Bank continue to be gradually shut down.

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