Challenging times: The Citigroup Inc building in Sydney. Citigroup plans to exit retail banking in 13 markets across Asia, Europe, Middle East and Africa region. Bloomberg
SINGAPORE: Citigroup Inc’s plan to exit its retail business in China and India underscores the frustrating battle for market share international banks face in two of Asia’s largest economies despite plowing in billions of dollars over the past decade.
Increased rivalry from domestic lenders, especially in consumer financing, and fierce competition for top talent contributed to the challenges that overseas banks have often struggled to overcome. High capital and regulatory requirements also proved onerous.
Citi Retreat Highlights Global Banksâ Struggle in China, India
Apr 16 2021, 1:10 PM
April 16 2021, 10:47 AM
April 16 2021, 1:10 PM
(Bloomberg) Citigroup Inc.âs plan to exit its retail business in China and India underscores the frustrating battle for market share international banks face in two of Asiaâs largest economies despite plowing in billions of dollars over the past decade.
(Bloomberg) Citigroup Inc.âs plan to exit its retail business in China and India underscores the frustrating battle for market share international banks face in two of Asiaâs largest economies despite plowing in billions of dollars over the past decade.
Increased rivalry from domestic lenders, especially in consumer financing, and fierce competition for top talent contributed to the challenges that overseas banks have often struggled to overcome. High capital and regulatory requirements also proved onerous.
Read more about Citigroup s retreat highlights global banks struggle in China, India on Business Standard. Increased rivalry from domestic lenders, especially in consumer financing, and competition for top talent contribute to challenges.
New York: Citigroup Inc. s plan to exit its retail business in China and India underscores the frustrating battle for market share international banks face in two of Asia s largest economies despite plowing in billions of dollars over the past decade.
Increased rivalry from domestic lenders, especially in consumer financing, and fierce competition for top talent contributed to the challenges that overseas banks have often struggled to overcome. High capital and regulatory requirements also proved onerous.
Citigroup CEO Jane Fraser said that the bank had decided it didn t have the scale it needed to compete in China, India and 11 other markets. Overall, international banks had a 1.2 per cent share of assets in 2020 in Asia s largest economy, compared to 1.8 per cent in 2010, McKinsey & Co. data showed. In India, that number slipped to 6.8 per cent last year, down from 7.2 per cent a decade ago.
Synopsis
Increased rivalry from domestic lenders, especially in consumer financing, and fierce competition for top talent contributed to the challenges that overseas banks have often struggled to overcome. High capital and regulatory requirements also proved onerous.
Citigroup is also shuttering retail banking operations in countries from Australia to Indonesia and South Korea.
Citigroup Inc.’s plan to exit its retail business in China and India underscores the frustrating battle for market share international banks face in two of Asia’s largest economies despite plowing in billions of dollars over the past decade.
Increased rivalry from domestic lenders, especially in consumer financing, and fierce competition for top talent contributed to the challenges that overseas banks have often struggled to overcome. High capital and regulatory requirements also proved onerous.