Citi to wind down consumer banking in China

Citigroup Inc will wind down its consumer banking business in China in a move that will affect about 1,200 local employees, the bank said on December 15, Report informs referring to Reuters.

The group had announced plans in April 2021 to exit its Chinese consumer banking business as part of a global strategy to withdraw from consumer franchises in 14 markets in Asia, Europe, the Middle East, Africa and Mexico.

Citi will explore options for around 1,200 employees who will be affected, including helping them continue to work at Citi in China or across the bank’s global network, it said in a statement.

As part of the wind down process, Citi will continue to pursue sales of portfolios within its Chinese consumer banking business, the statement said.

As part of its strategy refresh, Citi is bolstering its institutional banking and wealth management businesses.

Citi said last year that $7 billion in capital released from divestments of consumer banking businesses would be either returned to shareholders or invested in institutional banking and wealth management units.