(Yicai) Jan. 23 -- Citibank China said its personal credit cards will stop working on May 6, stressing that the change is part of the US bank’s exit from personal banking in the Chinese market and that its corporate business would not be affected.

Citibank China has reached an agreement with Fubon Bank China to transfer the outstanding repayment balance after after its credit card services end, Yicai learned. The bank had previously said it would waive annual fees on a number of personal credit cards from Feb. 1.

The US lender announced plans in December 2022 to gradually shut down its personal banking business in the Chinese mainland, including bank cards, mortgages, personal loans, deposits, investments, insurance, and foreign exchange.

Last October, Citibank China said it had signed a deal with HSBC China to transfer its personal banking wealth management business in the mainland, saying that it expected to complete the move in the second quarter of this year.

The bank’s strategic adjustment and transformation is global in scope. In April 2021, Citibank set out a plan to withdraw from personal banking in 14 markets in Asia, Europe, the Middle East, Africa and Mexico.

In November 2021, Citibank Korea unveiled a phased closure of its retail banking business, and the bank completed the sale of its personal consumer business in Indonesia to United Overseas Bank last year. 

Editor: Tom Litting