U.S.-based Citigroup has announced that the Citibank Macau branch will officially close today.
However, it will still offer services to its Macau customers through its Hong Kong branch, following relevant laws and regulations.
The Macau Monetary Authority (AMCM) confirmed that Citibank has formally requested to leave the Macau market by the end of the year. This decision is due to changes in the bank’s business strategy.
The AMCM assured that it will handle the withdrawal process in a legal manner, noting that Citibank has informed its customers in advance to minimize any impact and has appointed a qualified trustee to ensure all debts in Macau are settled completely.
In fact, the group announced back in 2021 its intention to exit retail banking operations in 13 markets across Asia, Europe, the Middle East, and Africa.
Instead, it plans to concentrate on consumer banking in these regions through its wealth centers in Singapore, Hong Kong, the UAE, and London.
In a statement sent to the Times today, the bank confirmed that all clients in Macau were informed of its exit in 2023 and given ample notice to minimize disruption.
“Citi worked closely with these clients throughout the transition period and will continue to serve them from Hong Kong wherever possible, in line with Macau laws and regulations. The decision has no impact on Citi’s business in Greater China where it has been operating for 123 years, and the bank remains committed to the region,” a spokesperson told the Times. YL
*Updated today with statement from Citi sent to the Times.
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