Citigroup Shuts Retail Banking Ops in 13 Countries, Including India

American banking major Citigroup is planning to exit consumer banking operations in India and 12 other countries that includes Australia, Bahrain, China, Indonesia, Korea, Malaysia, Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.

The bank has stated that this strategic action in the global consumer banking segment is a part of the ongoing strategic review, which would enable Citi to direct investments as well as resources to the businesses where it has massive scale as well as growth potential.
Furthermore, Citi bank would focus on its global consumer banking presence in Asia and EMEA on four wealth centres Hong Kong, Singapore, the UAE and London. Consequently, Citi plans to pursue exits from its consumer franchises in 13 markets across the two regions.

However, the Citigroup's Institutional Clients Group would continue to serve customers in these markets, which would remain important to Citi's global network.

Jane Fraser, CEO, Citigroup, said, "As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth. We will operate our consumer banking franchise in Asia and EMEA solely from four wealth centres -- Singapore, Hong Kong, the UAE and London. This positions us to capture the strong growth and attractive returns the wealth management business offers through these important hubs.”

She continues, "While the other 13 markets have excellent businesses, we don't have the scale we need to compete. We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia. We will continue to update you on strategic decisions as we make them while we work to increase the returns we deliver to our shareholders."