Citigroup Inc said it will wind down its consumer banking business in China, a move which is expected to affect about 1,200 employees in the country, reports Bloomberg. The exit will include products such as deposits, insurance, mortgages, investments, loans and cards, the lender said in a statement Thursday.
The bank will also explore options for those employees who wish to continue to work at Citi in China or across the bank’s global network, it added.
The US bank announced a plan to exit the business in April 2021 as part of a global strategy to exit consumer franchises in 14 markets in Asia, Europe, Middle East and Africa and Mexico. The lender said the cost of the exit isn’t expected to be material and it remains committed to its wealth management and institutional business in China.
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