Citigroup considering divesting some foreign consumer units
Citigroup’s operations in Asia are led by Peter Babej, who previously headed up the lender’s business of advising banks and other financial institutions on mergers and acquisitions.
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. Updated: 20 Feb 2021, 06:29 AM IST Bloomberg
The company is weighing divesting certain units across retail banking in the Asia-Pacific region, including those in South Korea, Thailand, the Philippines and Australia
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Citigroup Inc. is studying options for slimming down the firm’s sprawling international consumer operations as part of incoming Chief Executive Officer Jane Fraser’s efforts to simplify the bank.
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Karnataka-based Deccan Urban Co-operative Bank has been put under restriction by the banking regulator, Reserve Bank of India. It has imposed a Rs 1,000 withdrawal limit on the customers due to poor financial health of the bank.
The regulator stated the bank cannot write grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets.