Citigroup to exit 13 global consumer banking markets, including India and China
Citigroup announced April 15 it will exit 13 international consumer banking markets, shifting its focus to wealth management and away from retail banking in places where it is small.
Citigroup will depart China, India, Australia, Malaysia, Bahrain, Korea, Indonesia, Russia, Vietnam, the Philippines, Thailand, Poland, and Taiwan, where "we don't have the scale we need to compete," said Citi Chief Executive Jane Fraser. However, the investment banking operations will continue in these markets
Citigroup did not give any timeframe for the exits.
Citigroup plans to focus on its non-US consumer banking operations in UAE, Singapore, London and Hong Kong as these places have a great concentration of wealth.
"As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth," Fraser noted in a release, adding that the move to zero in on the remaining markets "positions us to capture the strong growth and attractive returns the wealth management business offers through these important hubs."
Date: 15.04.2021 [ID: 363]