“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 financial institution mentioned in a post-earning assertion right now.
Citibank will exit the consumer banking operations in India, Australia, Bahrain, China, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. The financial institution mentioned that its institutional consumer group will proceed to serve prospects in these 13 international locations.
“As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on the wealth,” mentioned 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 financial institution mentioned that it doesn’t see sufficient scale within the consumer business within 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”.