Shi Yan, a reporter from the Securities Times
Citigroup China will terminate Credit Card Repayment's service.
On May 16, the official account of "Citibank Credit Card" Wechat issued a notice that Citibank China terminates Credit Card Repayment's service and transfers accounts receivable claims to Fubon Huayi Bank. According to the notice, Citi China personal Credit Card will cease to provide repayment service from 21:00 on July 3, 2024, and will provide customers with the final statement until July 5, 2024.
Earlier, Citigroup China announced in January 2024 that it would transfer to Fubonghua Bank the outstanding arrears or credit card installment balance (accounts receivable) outstanding after the cessation of the Credit Card Repayment service of Citigroup China. Delivery is scheduled for July 5, 2024.
This also means that the outstanding credit card installment balance or arrears of customers will need to be repaid to Fubon Huayi Bank after the delivery date of Citigroup China personal Credit Card Repayment service.
The credit card is officially suspended.
In May, Citigroup China personal credit card has officially stopped the transaction function.
According to the latest announcement from Citigroup China, the repayment service of Citigroup China personal credit card will be terminated from 21:00 on July 3, 2024, and the final statement will be provided to customers as of July 5, 2024.
According toSlotocash100nodepositbonusIt is understood that the above transfer of claims only involves accounts receivable that have not been settled after the cessation of Credit Card Repayment service of Citigroup China. Citi China personal credit card account and credit card points / gifts and rights and interests are not included in the scope of this transfer.
In addition, Citigroup China will gradually adjust / stop all credit card-related service channels and terminate all outstanding Citi China personal credit card accounts from July 6, 2024. For Citibank points / gift exchange service, Citibank China will continue to provide until September 30, 2024 (inclusive), customers can use Citibank credit card Wechat official account to complete the remaining Citibank points / gift exchange. After the closing of the exchange service, the unredeemed points / gift will become invalid and cannot be redeemed in the future.
According to the important notice on Citi's personal bank credit card business in mainland China published on Citi's official website on January 23 this year, Citigroup's personal credit card in China will stop its transaction function from May 6, 2024. At that time, it will no longer be used for consumer payment and other transaction purposes. At the same time, the bank will gradually stop providing related product rights and services.
At that time, the announcement also said that Citigroup China had reached an agreement with Fubonghua Bank to transfer the outstanding credit card installment balance or arrears (accounts receivable) of Citibank China personal Bank Credit Card Repayment after the cessation of service.
A reporter from the Securities Times learned that the above changes are part of Citigroup's withdrawal from personal banking business in the Chinese market, and Citigroup's public business in China will not be affected.
Reorganize personal banking business
In April 2021, Citigroup announced a restructuring of the global personal banking business, seeking to withdraw from the personal banking business in 14 markets around the world. In December 2022, Citi announced that it would gradually close its personal banking business in mainland China, but did not involve its market-leading public-to-public business.
On October 9, 2023, Citi announced the sale of its personal banking wealth management business in mainland China to HSBC (China) Co., Ltd. HSBC (China) Co., Ltd. also announced that it has reached an agreement with Citigroup China to acquire its personal banking wealth management business in mainland China, covering Citibank China's personal wealth management clients in 11 major cities across the country. the investment and wealth management assets and personal deposits are about US $3.6 billion (as of August 2023).
For Citi, the sale of the wealth management business of mainland Chinese personal banks is part of a previously announced plan to phase out the mainland personal banking business. At the same time, Citi said it will continue to firmly serve China's corporate and institutional clients.
Citi entered the Chinese market in 1902 and was successfully converted in 2007. At present, Citi serves 70% of Fortune 500 companies in China, as well as more than 300 leading Chinese companies and many new economy start-ups, with a total of about 7500 employees in 12 cities.
It is reported that Citi has completed the sale of its personal banking business in many markets, including Australia, Bahrain, India, Malaysia, the Philippines and Thailand.
New developments in Citigroup Securities
Citi is preparing to apply for Citigroup Securities in China and has made new progress.
According to the official website of the CSRC, there has been feedback on the application for the establishment of Citigroup Securities (China) Co., Ltd. ("Citigroup Securities"). The CSRC put forward six opinions on Citigroup Global Financial Holdings Limited, which applied for the establishment of Citigroup Securities, including supplementing the financial situation of major shareholders, rating outlook, international ranking of securities business, and so on.
Specifically, the qualifications of senior executives of Citigroup Securities were questioned by the Securities and Futures Commission. Feedback mentioned whether Citigroup Securities's proposed appointment of Huaxin Securities, who has been cleared by the administration, as the head of compliance, is in line with the qualifications of senior executives of securities companies.
According to the information disclosed on the official website of the CSRC, the application materials for the establishment of Citigroup Securities were received by the CSRC on December 2, 2021, and Citigroup Global Financial Holdings Limited received a notice of correction from the CSRC on December 9, 2021. On December 28, 2023, the application was accepted. On February 4, 2024, the CSRC issued a written feedback. On February 9, 2024, the Securities Regulatory Commission issued feedback on the application documents for the establishment of Citigroup Securities (China) Co., Ltd.
With the further implementation of the opening-up policy of China's financial industry, foreign investors continue to strengthen China's financial business, including but not limited to applying for the establishment of holding or even wholly-owned securities companies in China. I hope to balance the deficiency of competition with domestic securities companies from the aspects of business license, network and so on.
The "Analysis of the Operation of Securities companies in 2023" recently issued by the China Securities Industry Association to the industry shows that the securities industry has steadily promoted two-way opening up. Since the restriction on the ratio of foreign shares to shares was lifted in 2020, overseas financial institutions have actively developed the industry in China and formed healthy competition and interaction with domestic institutions. By the end of 2023, there were 17 foreign-owned securities companies in the industry, including 9 foreign-owned securities companies and 2 wholly foreign-owned securities companies. In 2023, the total assets of foreign-funded securities companies exceeded 650 billion yuan and their operating income exceeded 27.5 billion yuan.