Jump to content

Citibank (China): Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous edit
Content deleted Content added
VisualWikitext
→top: Company infobox
No edit summary
Tags: Visual edit Mobile edit Mobile web edit Advanced mobile edit
 
(11 intermediate revisions by 10 users not shown)
Line 1: Line 1:
⚫
{{Short description|Franchise subsidiary of Citigroup}}
{{Multiple issues|
⚫
{{Infobox company
{{primary sources|date=July 2012}}
⚫
| name = Citibank (China) Company Limited
{{refimprove|date=July 2012}}
⚫
| logo = [[File:Citi.svg|150px|center]]
⚫
| foundation = {{Start date and age|2007|4|2}}
| hq_location = [[Citigroup Tower]], [[Shanghai]]
| type = [[Subsidiary]]
⚫
| industry = Banking, [[financial services]]
| products = Institutional banking
⚫
| homepage = {{URL|https://www.citibank.com.cn/sim/english/index.htm}}
}}
}}


'''Citibank (China) Company Limited''' ("CCCL") ({{zh|s=花旗银行(中国)有限公司}}) is the division of [[Citigroup]] that operates in China. It currently only serves institutional businesses. It is headquartered in [[Citigroup Tower]] in [[Shanghai]].
⚫
{{short description|franchise subsidiary of Citigroup}}
⚫
{{Infobox company
⚫
| name = Citibank (China) Company Limited
⚫
| logo = [[File:Citi.svg|150px|center]]
| image =
| image_caption =
| type = Subsidiary of [[Citigroup]]
| traded_as =
| predecessor =
| area_served = China<ref>{{Cite web|url=https://www.citigroup.com/citi/about/countries-and-jurisdictions/china.html|title=Citi {{!}} Asia Pacific {{!}} China, People's Republic of|website=www.citigroup.com|access-date=2019-01-21}}</ref>
⚫
| foundation = {{Start date and age|2007|4|2}}
| hq_location = Citi Tower<BR> No.33 Hua Yuan Shi Qiao<BR> Road Lu Jia Zui Finance and Trade Zone<BR> Shanghai, 200120,<BR> P.R. China
| key_people =
⚫
| industry = Banking, [[financial services]]
| products = [[Credit card]]s<BR>[[Retail banking]]<BR>[[Commercial banking]]<BR>[[Investment banking]]<BR>[[Private banking]]<BR>[[Financial analysis]]
| revenue =
| operating_income =
| net_income =
| assets =
| equity =
| num_employees =
| subsid =
| ratio =
⚫
| homepage = {{URL|https://www.citibank.com.cn/sim/english/index.htm}}
| footnotes = <ref name=10K>{{cite web | url=https://www.sec.gov/Archives/edgar/data/831001/000083100118000040/c-12312017x10k.htm | title=Citigroup Inc. 2017 Form 10-K Annual Report | publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
}}


==History==
'''Citibank (China) Company Limited''' ("CCCL") ({{zh|s=花旗银行(中国)有限公司}}) was one of the first foreign banks to incorporate locally in [[mainland China]] in 2007. The Chinese unit of [[Citibank]] has been operating since 1902 and became the first American bank to establish operations in China. An office tower, the [[Citigroup Tower, Shanghai|Citigroup Tower]], in [[Lujiazui]], [[Shanghai]] is named after the bank.
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.<ref>{{Cite web | url=http://www.china.org.cn/english/China/219113.htm | title=Shanghai Bridging Dreams and Reality | publisher=[[China Internet Information Center]]}}</ref>


The [[China Banking Regulatory Commission]] announced on 24 December 2006 its approval for foreign banks to start their preparatory work for setting up local incorporations in [[mainland China]]. Citibank was one of nine foreign banks to have applied for the [[Incorporation (business)|incorporation]]. Its subsidiary Citibank (China) was founded on 1 April 2007, and it started operations on 2 April.
In 2007, the bank was one of the first to receive approval for [[Incorporation (business)|incorporation]] in China and in August 2007, the bank received approval to issue [[debit card]]s.


In 2023, Citigroup sold its consumer business in China, which had $3.6 billion in [[assets under management]], to [[HSBC]].<ref>{{Cite news | url=https://www.forbes.com/sites/roberthart/2023/10/09/citi-sells-china-consumer-business-to-hsbc-as-british-bank-doubles-down-on-asia/ | title=Citi Sells China Consumer Business To HSBC As British Bank Doubles Down On Asia | first=Robert | last=Hart | work=[[Forbes]] | date=October 9, 2023}}</ref><ref>{{Cite news | url=https://www.wsj.com/business/deals/citigroup-to-sell-china-consumer-wealth-portfolio-to-hsbc-8c3aa38f | title=Citigroup to Sell China Consumer Wealth Portfolio to HSBC | first=Sherry | last=Qin | work=[[The Wall Street Journal]] | date=October 9, 2023 | url-access=subscription}}</ref><ref>{{Cite news | url=https://www.reuters.com/markets/deals/citigroup-sell-china-onshore-consumer-wealth-unit-hsbc-2023-10-09/ | title=Citigroup to sell China consumer wealth business to HSBC | first1=Aishwarya | last1=Nair | first2=Xie | last2=Yu | work=[[Reuters]] | date=October 9, 2023}}</ref>
==Company Profile==
Citibank China has come a long way since 2000, when the highly restricted banking sector just barely allowed it to exist. Today, Citibank has a growing presence along the North-East and South-East of China, with a total of 47 consumer bank outlets in the 13 cities of [[Shanghai]], [[Beijing]], [[Guangzhou]], [[Shenzhen]], [[Chengdu]], [[Tianjin]], [[Hangzhou]], [[Chongqing]], [[Guiyang]], [[Nanjing]], [[Changsha]], [[Wuxi]] and [[Dalian]].<ref>http://www.citi.com.cn/html/en/about_us/Our_business.html</ref> In its attempt to spread its influence across the country, Citibank has been more inclined to [[mergers and acquisitions]] than [[joint venture]]s. In 2007, Citibank China saw its operating income double to RMB 2.2 billion [[Chinese yuan|Yuan]] and its net income reach RMB 665 million.
In addition, it is one of only five non-Chinese banks that can locally issue [[China UnionPay|UnionPay]] debit cards. It also issues credit cards in partnership with [[Shanghai Pudong Development Bank]].


== References ==
==References==
{{reflist}}
{{Reflist}}


==External links==
==External links==
*[http://www.citibank.com.cn/homepage/en/cn_homepage.htm Citibank (China) Company Limited]
*{{Official website|https://www.citibank.com.cn/sim/english/index.htm}}
{{Portal|Banks}}


{{Citigroup}}
{{Citigroup}}
{{Authority control}}


[[Category:Citigroup]]
[[Category:Citigroup]]
[[Category:Banks of China]]
[[Category:Banks of China]]
[[Category:Chinese subsidiaries of foreign companies]]




Latest revision as of 18:08, 13 March 2024

Citibank (China) Company Limited
Company typeSubsidiary
IndustryBanking, financial services
FoundedApril 2, 2007; 17 years ago (2007-04-02)
HeadquartersCitigroup Tower, Shanghai
ProductsInstitutional banking
Websitewww.citibank.com.cn/sim/english/index.htm

Citibank (China) Company Limited ("CCCL") (Chinese: 花旗银行(中国)有限公司) is the division of Citigroup that operates in China. It currently only serves institutional businesses. It is headquartered in Citigroup Tower in Shanghai.

History

[edit]

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]

References

[edit]
  1. ^ "Shanghai Bridging Dreams and Reality". China Internet Information Center.
  2. ^ Hart, Robert (October 9, 2023). "Citi Sells China Consumer Business To HSBC As British Bank Doubles Down On Asia". Forbes.
  3. ^ Qin, Sherry (October 9, 2023). "Citigroup to Sell China Consumer Wealth Portfolio to HSBC". The Wall Street Journal.
  4. ^ Nair, Aishwarya; Yu, Xie (October 9, 2023). "Citigroup to sell China consumer wealth business to HSBC". Reuters.
[edit]


Stub icon

This Asian bank-related article is a stub. You can help Wikipedia by expanding it.

Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=Citibank_(China)&oldid=1213546160"