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.