New Delhi/New York: In a global restructuring to allocate sources in markets with scale, Citigroup will exit consumer banking operations in India as properly as 12 other international locations.
The multinational funding financial institution headquartered in New York on Thursday introduced strategic actions in the global consumer banking section as part of an ongoing strategic overview, which is able to permit Citi to direct investments and sources to the companies the place it has the best scale and progress potential.
The announcement was made as Citigroup reported its first-quarter outcomes.
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Citi introduced first quarter 2021 outcomes at present.
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Citi will focus its global consumer banking presence in Asia and EMEA on 4 wealth centres – Singapore, Hong Kong, the UAE and London. As a outcome, Citi intends to pursue exits from its consumer franchises in 13 markets throughout the 2 areas.
The affected companies embrace the consumer franchises in India, Australia, Bahrain, China, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.
Citigroup`s Institutional Clients Group will proceed to serve shoppers in these markets, which stay vital to Citi`s global community.
Jane Fraser, CEO, Citigroup, stated, “As a outcome of the continuing refresh of our technique, we’ve got determined that we’re going to double down on wealth. We will function our consumer banking franchise in Asia and EMEA solely from 4 wealth centres — Singapore, Hong Kong, the UAE and London. This positions us to seize the robust progress and enticing returns the wealth administration enterprise affords by means of these vital 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.”
