Citigroup to exit consumer banking in 13 markets

Sun Online Desk

17th April, 2021 01:15:55 printer

Citigroup to exit consumer banking in 13 markets


Citigroup is closing its consumer banking operations in 13 markets across Asia, Europe and the Middle East.

The US banking group will instead run these operations from four hubs in Singapore, Hong Kong, the United Arab Emirates and London.

It will continue to offer products to larger clients and institutions in these markets.

Its chief executive Jane Fraser said it "does not have the scale" to compete in these 13 markets.

Citigroup will shut down consumer banking operations in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.

On Thursday, Citi reported net income of $7.9bn (£5.7bn) for the first three months of 2021, beating analysts' expectations.