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Business News » Companies News

Citigroup to exit consumer banking operations in India, 12 other countries—Here is why

In a major developemnt, Citigroup has decided to exit from consumer banking operations in 13 countries, including India. The move is aimed at global restructuring to allocate resources in markets with scale and with this objctive, Citigroup is all set to exit consumer banking operations in India as well as 12 other countries.  

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Citigroup to exit consumer banking operations in India, 12 other countries—Here is why
Citi will focus its global consumer banking presence in Asia and EMEA on four wealth centres — Singapore, Hong Kong, the UAE and London. Source: Reuters

In a major developemnt, Citigroup has decided to exit from consumer banking operations in 13 countries, including India. The move is aimed at global restructuring to allocate resources in markets with scale and with this objctive, Citigroup is all set to exit consumer banking operations in India as well as 12 other countries.  

The affected businesses include the consumer franchises in India, Australia, Bahrain, China, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.

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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 will focus its global consumer banking presence in Asia and EMEA on four wealth centres — Singapore, Hong Kong, the UAE and London. As a result, Citi intends to pursue exits from its consumer franchises in 13 markets across the two regions.  

Citi announced first quarter 2021 results today.

For complete information, please visit our Investor Relations website: https://t.co/zggNWRKxdz pic.twitter.com/5hoB29G0NW

— Citi (@Citi) April 15, 2021

Citigroup's Institutional Clients Group will continue to serve clients in these markets, which 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. 

"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."

With input from IANS
 

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TAGS:
Citi bank
Written By: ZeeBiz WebTeam
Edited By: Harish Dugh
Updated: Fri, Apr 16, 2021
10:00 am
Patna, ZeeBiz WebDesk
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