Citi will focus its Global Consumer Bank presence in Asia and EMEA on four wealth centers — Singapore, Hong Kong, the UAE and London.
In a first-quarter results update, Citigroup has announced that it will pursue exits from its consumer franchises (in Global Consumer Banking) in 13 markets across the two regions.
The affected businesses include the consumer franchises in Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. Citigroup’s Institutional Clients Group will continue to serve clients in these markets.
As such, Citi will focus its Global Consumer Bank presence in Asia and EMEA on four wealth centers — Singapore, Hong Kong, the UAE and London.
Shared as part of an ongoing strategic review, the statement noted this "will allow Citi to direct investments and resources to the businesses where it has the greatest scale and growth potential".
Jane Fraser, Citi CEO, added: "We will operate our consumer banking franchise in Asia and EMEA solely from four wealth centers, Singapore, Hong Kong, 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."
She noted that updates on strategic decisions will continue while the team works to increase the returns delivered to shareholders.
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