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Citi to Exit Retail Banking in 13 Markets Across Asia, Europe

  • Australia, China, India among markets on the chopping block
  • Bank to focus on wealth management, institutional business
Bloomberg business news
Citi to Exit Retail Banking in 13 Markets Across Asia, Europe

Citigroup Inc. plans to exit retail banking in 13 markets across Asia and the Europe, Middle East and Africa region.

The bank will instead operate its consumer-banking franchise in both regions from four wealth centers in Singapore, Hong Kong, the United Arab Emirates and London, it said Thursday in a statement. The move is part of an ongoing review of the company’s strategy by Chief Executive Officer Jane Fraser, who took over last month.