Citibank China Ends UnionPay Membership Amid Personal Banking Exit

Citibank China has officially confirmed the termination of its membership with China UnionPay, a move that follows the bank's decision to exit the personal banking market in the region. The bank clarified that this change will not affect its corporate banking operations, which continue to provide domestic and international payment and collection services to corporate clients. Citibank China emphasized its ongoing commitment to the Chinese market, leveraging its global network to serve corporate and institutional clients effectively.

The termination of Citibank China's membership with China UnionPay is part of a broader strategic shift by the bank. In April 2021, Citigroup announced a global restructuring of its personal banking business, planning to exit the personal banking market in 14 regions, including mainland China. This decision was aimed at concentrating resources on more efficient corporate banking and leveraging the bank's global network strengths.

In October 2023, Citibank announced the sale of its domestic personal wealth management business to HSBC China. By January 2024, Citibank China had notified customers that its personal credit cards would cease transactional functions by May 6, 2024, rendering them unusable for consumption and other transactions. HSBC China completed the acquisition of Citibank China's personal wealth management business in mainland China in June 2024.

Citibank's presence in China dates back to 1902, making it the first American bank to operate in the country. In 2007, Citibank became one of the first international banks to register as a local legal entity in China. Citibank China is a wholly-owned subsidiary of Citibank N.A., operating in over 180 countries and regions globally, and is recognized as one of the most internationally oriented banks in China.

In addition to its strategic shifts in the personal banking sector, Citibank has also announced significant organizational changes. In June, it was reported that Citibank would initiate large-scale layoffs. The bank confirmed that it would adjust its global technology and business support departments, streamlining its global technology solutions centers in Shanghai and Dalian, and reducing approximately 3,500 technology personnel. This adjustment is part of Citibank's 2025 financial plan and is expected to be completed by the fourth quarter of 2025.

In August, Citibank China announced that its board of directors and senior management appointments had been approved by regulators. Aveline San was appointed as the chairperson and director of Citibank China, while Lin Hai and Wen Xiu were appointed as vice presidents. San, with over 20 years of experience in the financial industry, expressed her commitment to leveraging Citibank's global network to provide international-standard services to corporate and institutional clients in China.