Industry

Citi to exit retail banking in India, China

The logo of Citi. File   | Photo Credit: Reuters

Citigroup announced it will exit 13 international consumer banking markets, shifting its focus to wealth management and away from retail banking in places where it is small.

Citigroup will focus its global consumer banking business on four markets: Singapore, Hong Kong, London and the UAE.

But Citigroup will depart China, India and 11 other retail markets, where “we don’t have the scale we need to compete,” said Citi chief executive Jane Fraser.

She described the pivot as part of efforts to ‘double down’ on wealth management, where the growth opportunities are better.

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Printable version | May 17, 2021 5:23:09 AM | https://www.thehindu.com/business/Industry/citi-to-exit-retail-banking-in-india-china/article34330512.ece

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