Citigroup CEO, Jane Fraser, announced via a press release on Thursday (Apr. 15) that the bank will exit from 13 retail banking markets across Europe and Asia.
Retail banking consumers within these countries will face the shut down of their Citibank credit cards, saving bank accounts and personal loans according to The Economic Times.
Affected countries include Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.
Its Institutional Clients Group will nonetheless continue to serve clients in these markets. Citigroup said that it is choosing to focus on investments and resources in markets with the most potential growth and scale.
Citigroup to close consumer banking franchises in Philippines, 12 other countries By TED CORDERO, GMA News
Published April 16, 2021 1:00pm US banking behemoth Citigroup will be closing its consumer banking in 13 countries, including the Philippines, as it plans to refocus its global operations to areas with the “greatest scale and growth potential.” In a statement posted on its website, Citi announced its “strategic actions” in its Global Consumer Banking “as part of an ongoing strategic review, which will allow Citi to direct investments and resources to the businesses where it has the greatest scale and growth potential.” With this, Citi said it will focus its Global Consumer Bank presence in Asia and Europe, the Middle East and Africa (EMEA) particularly on four wealth centers Singapore, Hong Kong, the United Arab Emirates, and London.
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Citigroup to exit GCB consumer franchises in Malaysia, Thailand, Vietnam, and 10 more markets Details Published: 16 April 2021
Citi will focus its Global Consumer Bank presence in Asia and EMEA on four wealth centers Singapore, Hong Kong, the UAE and London.
The affected businesses include the consumer franchises in Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. Citigroup’s Institutional Clients Group will continue to serve clients in these markets.
As such, Citi will focus its Global Consumer Bank presence in Asia and EMEA on four wealth centers Singapore, Hong Kong, the UAE and London.