Business Desk :
Citigroup has announced that it will shut consumer banking operations in 13 countries, including India. The US banking group said the move is aimed at shifting focus to wealth management and exiting retail banking in places where it is small.
While it has not yet announced a timeframe for the exit, the third-largest bank in the US will exit the consumer banking market in India, China, Australia, Malaysia, Bahrain, Korea, Indonesia, Russia, Vietnam, Philippines, Thailand, Poland and Taiwan, reports India Today.
Citigroup will continue to focus on its global consumer banking business (non-US consumer banking) in Singapore, Hong Kong, London and the United Arab Emirates.
The announcement was made by Citigroup’s Chief Executive Officer Jane Fraser.
Fraser, who moved into the CEO role in March, said the decision is part of an effort to “double down” on wealth management, where the growth opportunities are better.
