Citi Is Considering Divesting Some Foreign Consumer Units
- Incoming CEO Fraser is taking ‘dispassionate’ look at business
- Bank is weighing divestitures across consumer unit in Asia
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Citigroup Inc. is studying options for slimming down the firm’s sprawling international consumer operations as part of incoming Chief Executive Officer Jane Fraser’s efforts to simplify the bank.
The company is weighing divesting certain units across retail banking in the Asia-Pacific region, including those in South Korea, Thailand, the Philippines and Australia, according to people familiar with the matter. No decisions have been made, any divestitures could be spaced out over time and the New York-based firm could ultimately decide to keep all its existing international operations, said the people, who asked not to be identified discussing internal deliberations.