(Yicai Global) Dec. 19 -- Citigroup said it will gradually close its consumer banking business in the Chinese mainland, affecting 1,200 employees.

“While we explored multiple strategic options for our China consumer business over the past several months, we believe that this path makes the most sense,” Titi Cole, Citigroup's chief executive for legacy franchises, said in a statement the New York-based lender released on Dec. 15.

Citigroup announced in April last year that it intended to exit the consumer banking business in China, a market it entered in 1902, and 13 other markets in Asia, Europe, the Middle East, Africa, and Mexico.

Deposits, insurance, mortgages, investments, loans, and cards will be impacted by its withdrawal from China, Citigroup noted. The bank will look at options for staff who would like to continue working with it in China or in its global network, it added.

“We are focused on a seamless transition for our clients, partners, and colleagues,” Cole said.

The cost of closing the China consumer banking business will not significantly impact Citigroup's operating performance and financial conditions, it said.

During the wind down process, Citigroup will consider the possibility of separately selling specific customer banking businesses, the lender added, noting that the reorganization will not involve its corporate and institutional banking business.

Editors: Tang Shihua, Martin Kadiev