Citigroup has said it will close retail banking operations in 13 countries across Asia and parts of Europe, including Bahrain, to focus more on wealth management outside the US.
This strategic move by CEO Jane Fraser, who took over in February, will also cover the consumer franchises in Australia, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. Citigroup’s Institutional Clients Group will continue to serve clients.
Fraser said in a tweet, “Let me be clear on one very important point: Citi will continue to invest behind and serve our institutional clients in these thirteen markets.”
Citigroup announced strategic actions in Global Consumer Banking – as part of an ongoing strategic review – which will allow Citi to direct investments and resources to the businesses where it has the greatest scale and growth potential.
Citi will focus its Global Consumer Bank presence in Asia and EMEA on four wealth centers — Singapore, Hong Kong, the UAE and London.
