Group 1 - China UnionPay has terminated the membership of Citibank (China) Co., Ltd. as it ceases its personal banking operations in China [1][3] - Citibank China stated that its corporate banking operations remain unaffected and it will continue to serve corporate and institutional clients in the Chinese market [1] - Citibank began operations in China in 1902 and became one of the first international banks to register as a local legal entity in 2007 [3] Group 2 - In December 2022, Citibank announced the gradual closure of its personal banking services in mainland China, which includes credit cards, mortgages, personal loans, deposits, investments, insurance, and foreign exchange, but not corporate banking [3] - HSBC China completed the acquisition of Citibank's personal wealth management business in June 2024, taking over clients and related assets in 11 major cities [3] - Citibank plans to streamline its global technology service center in China, reducing approximately 3,500 technical staff in Shanghai and Dalian by June 2025 [3] Group 3 - Citibank's revenue in China from 2020 to 2024 was reported as 5.584 billion, 5.445 billion, 5.616 billion, 4.809 billion, and 5.796 billion respectively, with net profits of 1.728 billion, 1.801 billion, 1.658 billion, 1.140 billion, and 1.756 billion [3]

Core Viewpoint - Citibank (China) has terminated its membership with China UnionPay as part of its strategic adjustment to exit the personal banking business in mainland China, while its corporate banking operations remain unaffected [1] Group 1: Company Strategy - Citibank (China) stated that with the closure of its personal banking business, it will no longer be a member of China UnionPay [1] - The bank will continue to focus on providing cross-border banking services to corporate and institutional clients in the Chinese market [1] Group 2: Global Trends - Citigroup has been gradually exiting personal banking businesses in multiple global markets, including a restructuring announcement in 2021 that affected over ten markets, excluding Hong Kong [1] - In 2022, Citibank (China) announced the gradual closure of its personal banking operations [1] Group 3: Business Operations - As of the 2024 annual report, Citibank (China) has sold its personal mortgage, personal wealth management, and installment credit card businesses, and has ceased further transactions in non-installment credit card business [1]