Citi Exits UnionPay Network in China Following Retail Bank Closure

Citi has exited China UnionPay network after closing its retail banking business in the country. The bank confirmed that its corporate and institutional clients in China will not be affected and will continue to receive cross-border banking services. This move comes four years after Citi announced its exit from retail banking in Asia and Europe, and the sale of its retail wealth management portfolio in mainland China to HSBC in 2023.

Citigroup Inc. has officially exited the China UnionPay network after closing its retail banking business in the country. The US bank, in a statement, confirmed that it is no longer a member of the global payment network following the wind-down of its consumer business in China. This development comes four years after Citigroup first announced its exit from retail banking in various markets, including China, Europe, and Asia [1].

The bank emphasized that the termination of its membership with China UnionPay does not impact its corporate and institutional clients. Citigroup continues to serve these clients in China, ensuring they receive uninterrupted cross-border banking services. China UnionPay Co., the operator of the global payment network, has confirmed the exit [1].

In 2023, Citigroup sold its retail wealth management portfolio in mainland China to HSBC Holdings Plc. The bank's decision to exit retail banking in China and other markets reflects a strategic realignment aimed at focusing on its core strengths in corporate and institutional banking [1].

China UnionPay, established by top lenders including Industrial & Commercial Bank of China Ltd., offers a payment network that spans 183 countries and has over 2,600 institutional members. The network facilitates global payments and collections, making it a critical component of international financial transactions [1].

Citigroup's exit from China UnionPay underscores the bank's commitment to streamlining its operations and concentrating on its core competencies. The move also highlights the evolving landscape of retail banking in China and the broader Asia-Pacific region, where regulatory and market conditions are continually changing.

References:
[1] https://www.bloomberg.com/news/articles/2025-09-05/citi-exits-unionpay-network-in-china-after-retail-bank-closure
[2] https://news.futunn.com/en/flash/19338301/citi-china-responds-to-china-unionpay-s-termination-of-membership