Citibank’s retail banking calls it quits in Southeast Asia
US banking group Citibank on April 15 said that it will exit the Southeast Asian and broader Asia-Pacific market for retail banking and just keep its private banking division in Singapore.
The bank announced it will exit consumer banking in 13 countries in East Asia including Thailand, Malaysia, Philippines, Indonesia, Vietnam, China and South Korea, as well as in Australia. It means that individuals will lose their personal accounts and banking cards with the bank at a date yet to be announced.
Citibank will instead operate its consumer banking franchise in the region from four wealth centers in Singapore and Hong Kong. The move is part of an ongoing review of the company’s strategy by chief executive officer Jane Fraser, who took over in March.
However, the bank will continue to offer products in those markets to customers of its institutional clients group, which houses the private bank, the cash management unit and investment banking and trading businesses.
Among the markets hit hard by the retreat is Thailand, where Citibank set up operations in 1967. At present, it is the largest foreign bank operating in the country with more than one million customers.
It is understood that Citibank is looking for buyers of their respective retail business in each country. The bank also might sell its consumer banking operations as a package, including the credit card business, wealth management business and the bank branches.
Citibank's headquarters in Bangkok, Thailand US banking group Citibank on April 15 said that it will exit the Southeast Asian and broader Asia-Pacific market for retail banking and just keep its private banking division in Singapore. The bank announced it will exit consumer banking in 13 countries in East Asia including Thailand, Malaysia, Philippines, Indonesia, Vietnam, China and South Korea, as well as in Australia. It means that individuals will lose their personal accounts and banking cards with the bank at a date yet to be announced. Citibank will instead operate its consumer banking franchise in the region from four...
US banking group Citibank on April 15 said that it will exit the Southeast Asian and broader Asia-Pacific market for retail banking and just keep its private banking division in Singapore.
The bank announced it will exit consumer banking in 13 countries in East Asia including Thailand, Malaysia, Philippines, Indonesia, Vietnam, China and South Korea, as well as in Australia. It means that individuals will lose their personal accounts and banking cards with the bank at a date yet to be announced.
Citibank will instead operate its consumer banking franchise in the region from four wealth centers in Singapore and Hong Kong. The move is part of an ongoing review of the company’s strategy by chief executive officer Jane Fraser, who took over in March.
However, the bank will continue to offer products in those markets to customers of its institutional clients group, which houses the private bank, the cash management unit and investment banking and trading businesses.
Among the markets hit hard by the retreat is Thailand, where Citibank set up operations in 1967. At present, it is the largest foreign bank operating in the country with more than one million customers.
It is understood that Citibank is looking for buyers of their respective retail business in each country. The bank also might sell its consumer banking operations as a package, including the credit card business, wealth management business and the bank branches.
