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Citi's Consumer Business in China: Years of Red Ink

July 10,2016 17:11

The bank's operations in the country are profitable overall, thanks to its business serving foreign companies and trading. But its difficulty getting traction in basic consumer banking shows how hard it can be to exploit the once-heralded opening of ...and more »



SHANGHAI—When Citigroup Inc. began accepting deposits from Chinese households in April 2007, the bank celebrated with gongs and television crews positioned at its teller windows. Now, it’s a milestone marked each year in red ink. Citi has lost nearly $350 million since 2009 trying to serve Chinese consumers, according to figures in its Chinese unit’s little-noticed annual filings. The bank’s operations in the country are profitable overall, thanks to its business serving foreign companies and trading. But its difficulty...

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