Citigroup on Thursday said it was exiting retail banking in India and 12 other countries across Asia and parts of Europe to focus on its wealth management business, as it lacked the “scale” to compete in this space. . The decision to exit retail businesses from a few markets was one of the first moves by newly appointed CEO Jane Fraser after she took over the US-headquartered bank in February. . On Thursday, Citigroup, while announcing its quarterly results, said it would exit its consumer franchises in India, Australia, Bahrain, China, Indonesia, Korea, Malaysia, Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam. . Citigroup’s Institutional Clients Group will continue to serve clients in these markets, which remain important to Citi’s global network, the bank said in its statement.
Citi to close retail banking in Bahrain, India, China tradearabia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tradearabia.com Daily Mail and Mail on Sunday newspapers.
Citigroup to exit consumer banking ops in India, 12 other countries
By IANS |
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Jane Fraser, CEO, Citigroup ( Credit : citigroup). Image Source: IANS News
New Delhi/New York, April 15 : In a global restructuring to allocate resources in markets with scale, Citigroup will exit consumer banking operations in India as well as 12 other countries.
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 greatest scale and growth potential.
The announcement was made as Citigroup reported its first quarter results.
Citi to close retail banking in Bahrain, India, China tradearabia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tradearabia.com Daily Mail and Mail on Sunday newspapers.