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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

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    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Al Salam Bank Q1 net profit rises a strong 7% to USD17.3 million

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

    Saudi banks big on new digital future; fintech transactions to outdo the USD 33 billion thresholds by 2023

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    Reserve Bank of Australia left its cash rate at the most significant low of 0.1% on Tuesday

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    Cross River Bank gets USD3 Billion+ valuation and a crypto-first strategy

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    Pakistan’s 1st fintech M&A deal: ZoodPay acquires Tez Financial Services

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    Abu Dhabi-based Borouge sets offer price for IPO at USD0.66 per share at a valuation of USD20 billion

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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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    New AI startup by Co-founders of DeepMind and LinkedIn raises USD 225 million

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    Malaysia may cut palm oil export tax by 50 percent amid global supply crisis

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    UK’s Morrisons wins race to buy McColl’s ahead of Asda owners

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    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

    Egypt to receive USD41.5 billion of investment in hydrogen projects through 2030

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Home Non Banking Mergers & Acquisitions

Citigroup Exits Consumer Banking Operations from 13 Nations

The bank will prioritize on businesses with highest potential growth, revenue, and scale

The Global Economics by The Global Economics
April 18, 2021
in Mergers & Acquisitions, Private, Trending
Reading Time: 1 min read
0
Citigroup Exits Consumer Banking Operations from 13 Nations

Citigroup Exits Consumer Banking Operations from 13 Nations

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US-based Citigroup has made an announcement to curtail its consumer banking operations as a part of its broader strategy and exempt 13 countries across Asia and parts of Europe.  

The major development news aims at prioritizing wealth management space under the leadership of new Chief Executive Jane Fraser. The bank will exit its retail banking operations in countries like India, Malaysia, China, Bahrain, Poland, Russia, Thailand, Taiwan, and Vietnam. 

Notably, Citigroup will resume its institutional and corporate banking business where the consumer operation spaces will come to a halt. In India, the bank will continue to proceed with global business support or offshoring from locations like Bengaluru, Gurugram, Mumbai, Pune, and Chennai. 

Citigroup will operate with four markets: London, Hong Kong, UAE, and Singapore for its consumer banking business. The bank has recorded its highest ever profits this quarter. 

Upon announcing its quarterly results, Citigroup CEO Jane Fraser said that the bank lacks the scale they need to compete and with the ongoing refresh of its strategy, the bank will be doubling down on wealth. 

 

Tags: 13 countriesAsiabakingbusinesscitibankcitigroupCitigroup IncCitigroup Inc stock priceexitsglobalgurugramhong kongindustryjane fraserleadershiplondonpuneshutdownTaiwanthailand
The Global Economics

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The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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