Citibank closes sub-branch in Beijing

Photo shows a man is silhouetted against a poster with Citibank logo. [Photo/IC]

SHANGHAI - A sub-branch of Citibank in Beijing has closed its doors, according to bank sources on Thursday.

The sub-branch in Wangjing residential area in northeastern Beijing was closed, "out of consideration of Citibank's development plan and as a result of its network adjustment and improvement," said an unnamed manager with the group.

The decision was not caused by any specific case or complaint, according to the source. "We have contacted our clients, and transferred their accounts to other or sub-branches in Beijing."

Citibank was one of the first foreign banks to incorporate locally on the Chinese mainland and has branches in 13 cities. In Beijing, it now has seven sub-branches.

"China is one of our most important markets," said the manager. "We will continue to provide better products and services to meet the growing and changing financial needs of the Chinese people."