(Yicai) Nov. 7 -- Citibank China has denied media reports claiming that US lender Citibank will fully withdraw from the Chinese mainland market.

The reports about Citi’s exit from China are untrue, Citibank China said in a statement released on its official WeChat account today. The content of the reports is exaggerated and not accurate, it added, noting that it will only gradually discontinue its consumer banking business in the Chinese mainland.

Citibank is making strategic adjustments, including withdrawing from the Chinese mainland, according to recent media reports that started circulating after Citibank China agreed to sell its personal wealth management business in the Chinese mainland, which includes USD3.6 billion of clients’ investments and assets across 11 Chinese cities, to HSBC China on Oct. 9.

The adjustments do not entail corporation and institutional client business, Citibank China pointed out. Citi will continue to firmly develop its corporation and institutional clients’ business in the Chinese mainland, it added.

In April 2021, Citi’s parent company Citigroup announced worldwide strategic adjustments and transformation of its individual banking business, withdrawing from 14 markets in Asia, Europe, the Middle East, and Africa, including the Chinese mainland.

Citigroup entered the Chinese market in 1902 and established Citibank China in 2007. It serves about 70 percent of the Fortune 500 companies, over 300 leading Chinese firms, and many emerging Chinese medium-sized enterprises.

Citigroup also has a subsidiary in China that provides financing information services. It employs a total of about 7,500 staffers across 12 Chinese cities.

Editor: Futura Costaglione