![]() ![]() ![]() Citi will work closely with stakeholders during the process and ensure minimal inconvenience for clients. The wind down is expected to affect approximately 1,200 employees in China. The wind down will be carried out in compliance with applicable regulations and Citi will honor its obligations to clients, employees and partners.Ĭiti will commence actions to facilitate the wind down of consumer banking including continued engagement with regulators. The cost of the wind down is not expected to be material to both Citi’s results of operations and financial conditions including the projected capital impact from the overall strategy refresh. Today’s announcement does not include Citi’s institutional business in the country. As part of the wind down process, Citi will also continue to actively pursue sales of portfolios within its Chinese consumer banking business. ![]() Citi announced its plan to exit China consumer banking in April 2021, which is part of its broader global strategy refresh to exit consumer franchises in 14 markets in Asia, Europe, Middle East and Africa and Mexico. Company reaffirms commitment to wealth management and market-leading institutional business in country.Ĭiti has announced that it will wind down its consumer banking business in China. ![]()
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