Citibank to exit India consumer banking business as part of global rejig

MUMBAI: Citibank today said that it will exit consumer banking businesses in 13 markets including India as part of a restructuring plan to focus only on four wealth centers in Asia.

“Citi will focus its Global Consumer Bank presence in Asia and EMEA on four wealth centers — Singapore, Hong Kong, the UAE and London. As a result, Citi intends to pursue exits from its consumer franchises in thirteen markets across the two regions,” the bank said in a post-earning statement today.

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 a result of the ongoing refresh of our strategy, we have decided that we are going to double down on the wealth,” said Chief Executive Officer Jane Fraser.

“This positions us to capture the strong growth and attractive returns the wealth management business offers through these important hubs,” Fraser added.

The bank said that it does not see enough scale in the consumer business in the 13 markets and believes its “capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia”.


READ  Markets Live: Friday, 15th February 2019


Please enter your comment!
Please enter your name here