CM – Citigroup leaves India, 12 additional global consumer banking markets

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Citigroup announced Thursday that it will be leaving 13 international consumer banking markets and shifting its focus to wealth management and retail banking to places where it is still small. Citigroup will focus its global consumer banking business in four markets: Singapore, Hong Kong, London and the United Arab Emirates. However, Citigroup will be leaving China, India and eleven other retail markets where « we don’t have the scale we need to compete, » said Jane Fraser, general manager of Citi.

Fraser, who took up the position of CEO in March took over, described the lynchpin as part of an effort to « double » asset management where the opportunities for growth are better. Most of the markets are in Asia, where Citigroup’s global consumer banking business had sales of $ 6.5 billion as of the end of 2020, 224 retail stores, and deposits of $ 123.9 billion.

The move came when Citigroup posted profits of $ 7.9 billion in the first quarter, more than three times the prior-year period. Revenue fell 7 percent to $ 19.3 billion.

As with other major banks, Citigroup’s profits were supported by strong performance in investment banking and trading, as well as the release of reserves for bad loans. These benefits were somewhat offset by the burden of low interest rates.

The other 11 markets affected by the decision are: Australia, Bahrain, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.

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