Citibank’s retail banking calls it quits in Southeast Asia

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 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.



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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...

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 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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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