Core Points - China UnionPay has terminated the membership of Citibank (China) Co., Ltd. as part of Citibank's exit from personal banking in China [1] - Citibank China stated that its corporate banking services remain unaffected and it will continue to serve corporate and institutional clients in the Chinese market [1] - Citibank announced a global restructuring of its personal banking business in April 2021, which included exiting personal banking in over ten markets, including China [1] - In December 2022, Citibank confirmed the gradual closure of its personal banking operations in mainland China, excluding corporate banking [1] - On October 9, 2023, Citibank announced the sale of its personal wealth management business in mainland China to HSBC China, with the transaction expected to be completed by June 11, 2024 [1] - The acquisition by HSBC China includes personal wealth management clients and related assets in 11 major cities across the country [1] - Starting May 6, 2024, Citibank China will cease the transaction functionality of its personal credit cards, with the business being taken over by Fubon Bank [2]

Core Viewpoint - The termination of Citibank China's membership with China UnionPay has raised market attention, but Citibank asserts that its corporate banking operations remain unaffected [2][3][4]. Group 1: Membership Termination - On August 27, China UnionPay announced the termination of Citibank China's membership [3]. - Citibank China stated that it is no longer a member of China UnionPay due to the closure of its personal banking operations, and its corporate banking services will not be impacted [4]. - The termination was reportedly initiated by Citibank China, which will cease payment operations through the UnionPay network [4]. Group 2: Business Strategy - Citibank Group announced a restructuring of its global personal banking operations in April 2021, planning to exit the personal banking market in 14 global markets, including mainland China [4]. - The CEO of Citibank China described the decision as a "difficult long-term choice" aimed at focusing resources on more efficient corporate banking and leveraging global network advantages [4]. - In October 2023, Citibank announced the sale of its personal wealth management business in mainland China to HSBC China, with the transaction completed by June 2024 [5]. Group 3: Workforce Adjustments - In June 2023, Citibank was reported to initiate a large-scale layoff, planning to reduce approximately 3,500 technical staff in its global technology centers in Shanghai and Dalian [6]. - This adjustment is part of Citibank's financial plan for 2025, expected to be completed by the fourth quarter of 2025 [6]. Group 4: Leadership Changes - On August 7, Citibank China announced the approval of new leadership appointments, including Aveline San as the new chairman [6]. - Aveline San emphasized the bank's commitment to leveraging its global network to provide international standard services to corporate clients in China [6].