Citibank formally shuts down its Macao branch today, after making a public announcement last Friday, according to multiple media reports. The US bank says it will continue to provide service to Macao customers via its Hong Kong branches.
In response to a query from TDM, the Monetary Authority of Macau (known by its Portuguese initials AMCM) said that the bank had submitted an application at the end of 2023 to withdraw from the Macao market, citing strategic policy adjustments.
The AMCM said it had been following Citibank’s exit arrangements and would ensure that its clients would not be impacted. Citibank’s winding down of its Macao operations is not expected to have a significant effect on Macao’s banking sector, according to Lau Hang Kun, the head of the AMCM.
“Citibank’s business in Macao isn’t very big,” she said in a TVB interview. “Most of the clients are perhaps individuals from Hong Kong who have come to Macao to conduct business, and need to do banking in Macao. If Citibank’s Hong Kong branches can provide service to them, then it won’t have an impact on these clients.”
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The office of Citibank’s Macao branch – situated on the 15th floor of Macau Square on Avenida do Infante D. Henrique – has been cleared out since the end of last December. A notice posted on the front door instructs customers to contact its Hong Kong customer service hotline.
TVB reports that Citibank had no retail operations in Macao and that customers making bank deposits made up the bulk of its clientele in the city. Meanwhile, less than five staff members have been affected by the closure of the Macao branch.
According to the latest financial report of Citibank’s Macao branch, the subsidiary lost 19.79 million patacas (US$2.4 million) in 2024, an increase in comparison to the 15.01 million patacas (US$1.8 million) loss from the year before. As for deposits, the Macao branch reported 1.36 billion patacas (US$168 million) in 2024.
Citigroup, the parent company of Citibank, has a long history in Macao that can be traced back to 1902, according to its website.
With the closure of Citibank Macao, the SAR now has a total of 32 banks, with the largest one being the Bank of China (Macau).
