Citi withdrawal accusations 'groundless'

Citi said on Tuesday that it remains committed to the Chinese market and retains the right to file lawsuits against allegations that the multinational banking services provider is withdrawing from China.

In an online statement, Citi China said those allegations are "groundless" accusations spread by social media accounts, and the group currently has about 7500 staff members in 12 cities across China.

Citi has adjusted its global strategy on consumer wealth business, including gradually ceasing consumer wealth business on Chinese mainland, but the adjustment does not involve businesses for corporate and institutional clients, and the group will continue to provide and develop related services to local clients, the statement said.

Citi currently provides services to about 70 percent of the Fortune 500 enterprises operating on Chinese mainland, and more than 300 local industry leaders and mid-sized enterprises in emerging industries, it said.