Citigroup’s Asia Chief Calls Retail Exit a Strategic Necessity
- Citigroup Asia net new inflow rose 13% to $5.2 billion
- Tha bank’s Asia investment banking revenue surged 84% on deals
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Citigroup Inc.’s decision to exit retail banking operations in 13 markets outside the U.S. including China was crucial for its ability to redeploy capital to areas where it can make bigger profits, according to an internal memo by the bank’s Asia-Pacific chief.
“This was not about any specific markets or the attractiveness of individual consumer markets,” Peter Babej said in a memo to staff in the region that was obtained by Bloomberg. “It was about a strategic necessity to make additional investments in those areas where we are best positioned to differentiate over the long term.”