Citibank shuts down mortgage Hong Kong loan ops
Citigroup's Citibank has terminated its mortgage lending business in Hong Kong due to limited profitability from the business, Citibank country business manager for global consumer banking Danny Liu said.
Liu was quoted by the Apple Daily as saying that the mortgage lending had become driven by price competition.
The bank will now focus on its wealth management business, and employees of the mortgage loan business will be transferred to wealth management, the paper said.
Liu added that the bank is considering selling its existing
