Citibank (China) Explained

Citibank (China) Company Limited
Hq Location:	Citigroup Tower, Shanghai
Type:	Subsidiary
Industry:	Banking, financial services
Products:	Institutional banking

Citibank (China) Company Limited ("CCCL") is the division of Citigroup that operates in China. It currently only serves institutional businesses. It is headquartered in Citigroup Tower in Shanghai.

History

Citibank was the first U.S. bank to operate in China; its predecessor, International Banking Corp., opened an office in 1902. It ceased operations upon the start of World War II but resumed operations in 1985.^[1]

In 2007, the bank was one of the first to receive approval for incorporation in China and in August 2007, the bank received approval to issue debit cards.

In 2023, Citigroup sold its consumer business in China, which had $3.6 billion in assets under management, to HSBC.^{[2] [3] [4]}

Notes and References

1. Web site: Shanghai Bridging Dreams and Reality . China Internet Information Center.
2. News: Citi Sells China Consumer Business To HSBC As British Bank Doubles Down On Asia . Robert . Hart . . October 9, 2023.
3. News: Citigroup to Sell China Consumer Wealth Portfolio to HSBC . Sherry . Qin . . October 9, 2023 . subscription.
4. News: Citigroup to sell China consumer wealth business to HSBC . Aishwarya . Nair . Xie . Yu . . October 9, 2023.