Citibank: It said it will exit consumer banking operations in 13 countries, including India, as part of a consolidation effort to concentrate solely on four Asian wealth centres.
Citibank To Exit India
“Citi will concentrate its Global Consumer Bank operation in Asia and EMEA on four wealth hubs: Singapore, Hong Kong, the United Arab Emirates, and London. As a result, Citi plans to seek exits from its consumer franchises in thirteen countries in both regions,” the bank said today in a post-earnings release.
Citibank will exit the consumer banking operations in India, Australia, Bahrain, China, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. The bank said that its institutional client group will continue to serve customers in these 13 countries.
“As part of our current strategic reboot, we have agreed to double down on the wealth,” said Chief Executive Officer Jane Fraser.
“This positions us to capitalise on the high growth and competitive returns offered by the wealth management industry across these critical hubs,” Fraser said.
The bank said that it does not think there is enough scale in the consumer sector in the 13 markets and that its “cash, investment dollars, and other resources are best mobilised toward higher returns opportunities in asset management and our institutional businesses in Asia.”
Also Read: Domino’s Data Breach: Everything You Should Know, Social Media Is The New Help For Indian Crisis
