Citi announces it will exit retail banking in 13 countries China, Taiwan also included

Bloomberg Information reported that Citigroup plans to exit its retail banking business in 13 markets in Asia, Europe, the Middle East and North Africa.

Citi said on 15 May that it will exit its consumer franchise in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Taiwan, Thailand, Vietnam, Poland and Russia. The company will continue to offer commodities in those markets to its institutional customer base, including private banking and cash management units, as well as investment banking and trading businesses.

According to a statement issued by Citi, the bank will instead operate its consumer banking business in both regions from four wealth centers located in Singapore, Hong Kong, the United Arab Emirates and London. The measure is part of Citi CEO Jane Fraser’s review of the company’s strategy last month. Fraser said in a statement, “This allows us to capture the strong growth and attractive rewards offered by the wealth management business through these important hubs.”