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Citibank (China) Company Limited ("CCCL") () is the division of
Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...
that operates in China. It currently only serves institutional businesses. It is headquartered in Citigroup Tower in
Shanghai Shanghai, Shanghainese: , Standard Chinese pronunciation: is a direct-administered municipality and the most populous urban area in China. The city is located on the Chinese shoreline on the southern estuary of the Yangtze River, with the ...
.


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 World War II or the Second World War (1 September 1939 – 2 September 1945) was a World war, global conflict between two coalitions: the Allies of World War II, Allies and the Axis powers. World War II by country, Nearly all of the wo ...
but resumed operations in 1985. 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 card A debit card, also known as a check card or bank card, is a payment card that can be used in place of cash to make purchases. The card usually consists of the bank's name, a card number, the cardholder's name, and an expiration date, on either ...
s. In 2023, Citigroup sold its consumer business in China, which had $3.6 billion in
assets under management In finance, assets under management (AUM), sometimes called fund under management, refers to the total market value of all financial assets that a financial institution—such as a mutual fund, venture capital firm, or depository institutio ...
, to
HSBC HSBC Holdings plc ( zh, t_hk=滙豐; initialism from its founding member The Hongkong and Shanghai Banking Corporation) is a British universal bank and financial services group headquartered in London, England, with historical and business li ...
.


References


External links

* Citigroup Banks of China Chinese subsidiaries of foreign companies {{Asia-bank-stub