银联资格终止,花旗中国个人业务战线“再收缩”

Core Viewpoint - China UnionPay has announced the termination of Citibank (China) Co., Ltd.'s membership, which restricts Citibank's ability to process RMB payment transactions through the UnionPay network, impacting its credit card and payment tool usage in China [1][2][4] Group 1: Membership Termination - The termination of Citibank's UnionPay membership reduces the number of foreign banks with UnionPay membership in China from 9 to 8, with remaining members including HSBC, Standard Chartered, and others [1][4] - This membership is crucial for foreign financial institutions to access China's local payment clearing system, and its loss significantly limits Citibank's service capabilities in the retail payment sector [4][5] Group 2: Business Adjustments - The termination is part of Citibank's ongoing strategic withdrawal from personal banking in China, which has been evident since the announcement in April 2021 to exit personal banking in 14 markets, including mainland China [5][6] - Recent leadership changes at Citibank China, including the resignation of its chairman and changes in legal representatives, may be linked to the adjustments in business qualifications, although no official explanation has been provided [4][5] Group 3: Strategic Shift - Citibank's exit from UnionPay is a concrete step in its global strategy to reduce retail banking operations and focus on institutional clients and wealth management [5][6] - The bank's recent actions, including the sale of its personal banking wealth management business to HSBC and the cessation of personal credit card transactions, indicate a comprehensive retreat from retail operations [5][6]