Citi to exit Australian consumer business
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The investment banking company has announced that it is looking to sell its consumer banking business in Australia and 12 other markets.
Citi has commenced a sale process of its Australian consumer business, which includes mortgages, credit cards, retail banking and wealth management for high-net-worth individuals.
The sale comes as Citi looks to exit its consumer banking business in 13 markets, including Australia, following a “strategic review” which it undertook to focus its investment and resources to the businesses “that can drive stronger growth, deliver scale and improve returns over the long run”.
Mortgage Business
Citi to sell Australian consumer business By Annie Kane 16 April 2021
Citi is to exit its consumer business, including mortgages, loans, retail banking and credit card operations, in Australia and 12 other markets.
The group, which targets high-net worth individuals, has announced today that it will pursue an exit from its consumer banking business in 13 markets, including Australia, following a strategic review .
Instead, the group will focus on its investment and resources to the businesses that can drive stronger growth, deliver scale and improve returns over the long run .
In Australia, the sale of the consumer business will enable Citi to focus its investment and resources to its institutional business, which includes investment banking, capital markets and advisory, markets and securities service
The multinational investment bank headquartered in New York on Thursday announced strategic actions in the global consumer banking segment 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.
Citigroup to withdraw retail banking division from 13 markets, including Vietnam 20:57 | 16/04/2021
Citigroup â the parent firm of Citibank â has announced that it would withdraw its retail banking division from 13 markets in Asia, Europe, the Middle East, and Africa, including Vietnam.
Citigroup will exit its consumer franchises in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam.
The bank will instead operate its consumer-banking franchise in these regions from four wealth centres in Singapore, Hong Kong, the United Arab Emirates, and London, according to its announcement.
According to
Bloomberg, Citigroup will continue to provide financial services focusing on institutional clients, which houses the private bank, cash-management arm, and investment-banking and trading businesses.