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 - Citibank China has terminated its membership with China UnionPay as it shuts down its personal banking operations, while its corporate services remain unaffected [2][3]. Group 1: Membership Termination - China UnionPay announced the termination of Citibank (China) Co., Ltd.'s membership, although specific reasons were not disclosed [2]. - The termination means Citibank China will no longer conduct payment business through the UnionPay network [2]. - According to UnionPay's regulations, membership can be terminated if a member stops conducting UnionPay card business or cannot fulfill obligations due to reasons like merger or bankruptcy [2]. Group 2: Strategic Shift - Citibank's exit from the personal banking sector in China has been a gradual process, with strategic adjustments announced as early as 2021 [2]. - In late 2022, Citibank confirmed its decision to close personal banking operations in China, while corporate services were not affected [2]. - In 2023, Citibank announced the transfer of its retail wealth management business to HSBC China and the sale of personal credit card and unsecured loan assets to Fubon Huayi Bank [2]. Group 3: Global Context - Citigroup is also reducing its personal financial services globally, having announced a strategic shift in 2021 to exit personal banking markets in 14 regions, including Asia, Europe, the Middle East, and Mexico [3]. - By 2024, Citigroup has completed the sale of personal banking operations in nine markets, including Australia, India, Thailand, and Vietnam [3]. - Citibank China retains multiple network memberships for corporate services, including the China Foreign Exchange Trading Center, Cross-border Interbank Payment System (CIPS), and SWIFT [3].

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]

Group 1 - China UnionPay has announced the termination of Citibank (China) Co., Ltd.'s membership, meaning Citibank China will no longer conduct payment business through the UnionPay network [1] - Citibank China has undergone a leadership change, with Steven Lo stepping down as chairman and Aveline San taking over [3] - Citibank has been restructuring its global strategy, planning to exit personal banking in 14 markets, including Asia, Europe, the Middle East, and Mexico, with a focus on corporate and institutional clients in China [3][4] Group 2 - As of the end of 2024, Citibank China's assets totaled 176.1 billion yuan, with an operating income of approximately 5.8 billion yuan and a net profit of about 1.8 billion yuan, reflecting year-on-year growth of 21% and 54% respectively [5] - The number of employees at Citibank China decreased to 229,000, down by 10,000 year-on-year, as the company plans to reserve $600 million for severance costs in 2025 [5]

Core Points - China UnionPay has terminated the membership of Citibank (China) Co., Ltd., meaning Citibank China will no longer conduct payment business through the UnionPay network [1] - Recent leadership changes at Citibank China include the resignation of Chairman Lu Weiming and the appointment of San Aveline Pau Len [3] - Citibank announced a global strategic adjustment in April 2021, planning to exit personal banking in 14 markets, including Asia, Europe, the Middle East, and Mexico [3] - Citibank China plans to stop personal credit card transactions from May 6, 2024, and will gradually cease related product services [3] - Citibank completed the sale of its personal retail wealth management business in mainland China to HSBC, transferring over 300 employees [3] - Citibank has emphasized its commitment to corporate and institutional client services in China, despite exiting personal banking [4] - As of the end of 2024, Citibank China's assets totaled 176.1 billion yuan, with operating income of approximately 5.8 billion yuan and net profit of about 1.8 billion yuan, reflecting year-on-year growth of 21% and 54% respectively [5] - The number of employees at Citibank was 229,000 at the end of Q4 2024, a decrease of 10,000 year-on-year, with plans to allocate $600 million for severance as part of ongoing layoffs and cost-cutting measures [5]

Group 1 - Citibank China has voluntarily terminated its membership with China UnionPay, ceasing its payment operations through the UnionPay network [2][3] - This decision is part of Citigroup's global restructuring of its personal banking business, which includes exiting the personal banking market in 14 global markets, including mainland China [2] - Following the termination, Citibank China will stop its personal credit card transactions by May 6, 2024, and will gradually cease related product services [2] Group 2 - The termination of Citibank China's UnionPay membership also results in the automatic termination of its UnionPay International membership, preventing it from conducting domestic and cross-border payment operations [3] - Customers holding Citibank China cards may face some impact when using UnionPay International channels abroad, but those whose accounts have transitioned to HSBC China will likely remain unaffected [3] - Despite the termination, Citigroup's overseas entities can still independently become UnionPay International members to conduct international business through the UnionPay network [3] Group 3 - The termination of Citibank China's membership has prompted interest from various foreign banks seeking to become UnionPay members, aiming to expand their payment acceptance networks and enhance customer experience in China [4]