Citigroup announced in a brief notice published in the local press yesterday that its Citibank, N.A., Macau Branch will officially cease operations on Monday.
According to the notice, the bank will continue to provide services to Macau customers in Hong Kong as circumstances permit, in accordance with Macau laws and regulations.
According to a separate notice posted in English and Chinese on a single A4 paper on the door of Citibank's office on the 15th floor of the Macau Square commercial building in the city centre, dated December 31, 2024, "Citibank, N.A., Macau Branch will continue providing services until December 31, 2024. Effective from January 1, 2025, please contact CitiService at 852-23-2306 6022 for assistance. Thank you for your attention." Yesterday, the office of the bank's sole branch in Macau appeared to be empty.
In response to media inquiries, the Monetary Authority of Macao (AMCM) is reported to have said that Citibank has formally applied to withdraw from the Macau market due to a strategic business adjustment by the group. The AMCM mentioned that it was following up on the bank’s winding-up arrangements in accordance with the law, adding that the bank had notified its customers in advance of these arrangements to ensure that they are not affected. Citibank has also appointed a qualified trustee to ensure that the bank's obligations in Macau are fully settled.
Citibank, N.A. ("N.A." stands for "National Association") is the primary US banking subsidiary of Citigroup, a financial services multinational corporation headquartered in New York City.
According to its official website, “Citigroup has had a presence in Macau since 1902, proudly serving governmental institutions, financial institutions, multinational corporations, and institutional investors across a range of corporate banking, lending, transaction services, and markets businesses." According to the website's Disclosure of Financial Information, dated December 31, 2024 and audited by the local office of KPMG Certified Public Accountants, the branch recorded a loss before taxation of 19.791 million patacas, total assets were 527.5 million patacas and deposits from clients amounted to 136.6 million patacas last year. According to the website, 2021 was the last year that the branch recorded a profit before taxation, at 358,000 patacas.
Meanwhile, two banking sources told the Post today that Citigroup had planned to shut down its sole Macau branch about a decade ago. Requesting anonymity, the sources also said that the impact of Citigroup's exit from Macau on the local banking sector was "close to zero" and "negligible," respectively."
FOLLOW-UP STATEMENT BY CITI HONG KONG
In a follow-up to our news released on Saturday, the "Communications team at Citi Hong Kong" sent us the following statement on Monday, June 30, 2025: "All Citi clients in Macau were informed in 2023 and given sufficient notice to ensure minimal inconvenience. Citi worked closely with these clients throughout the transition period and will continue to serve them from Hong Kong wherever possible, in line with Macau laws and regulations. The decision has no impact on Citi’s business in Greater China where it has been operating for 123 years, and the bank remains committed to the region."
Caption: This photo taken yesterday shows a notice displayed on the door of Citibank, N.A., Macau Branch on the 15th floor of the Macau Square commercial building in the city centre. - Photo: Maria Cheang Ut Meng
