Citi(US:C) 第一财经·2025-09-05 12:16Core Viewpoint - Citibank China has terminated its membership with China UnionPay, ceasing to conduct payment business through the UnionPay network, following the closure of its personal banking operations in China [2][3]. Group 1: Termination of Membership - Citibank China announced that it would no longer be a member of China UnionPay due to the closure of its personal banking business, which was confirmed to have ended in July 2023 [2]. - The termination of membership means that Citibank China will not be able to process payments through the UnionPay network, as per the UnionPay regulations [2]. Group 2: Strategic Shift - Citibank has been gradually exiting the personal banking market in China since 2021, with a strategic decision to withdraw from the mainland personal banking sector [2][3]. - In 2022, Citibank confirmed the closure of its personal banking operations in China, while maintaining its corporate services [2]. - The bank has also transferred its retail wealth management business to HSBC China and its personal credit card and unsecured loan assets to Fubon Bank [2]. Group 3: Global Context - Citibank is undergoing a global reduction of its personal financial services, having announced plans to exit personal banking in 14 regions, including Asia and Europe, with significant progress made by 2024 [3]. - Despite the withdrawal from personal banking, Citibank China retains multiple memberships in corporate services, including the China Foreign Exchange Trading Center and SWIFT, indicating a focus on corporate and institutional clients [3].