Citigroup will consolidate its business from 13 major markets including India, know which other countries are included
Citigroup’s retail banking business has been weak for some time.
New Delhi:
Citi Chief Executive Jane Fraser said Citi Group, the global banking conglomerate, Citigroup is consolidating its business with India, China, and 11 other retail markets. Fraser said that the company does not have enough resources left in these countries to face competition. In this way, Citigroup will not be able to provide banking facilities to customers from a total of 13 countries. The group says that it will focus on capital management after consolidating banking business from these 13 countries. Citigroup will now focus on Singapore, Hong Kong, London and UAE in the global consumer banking business.
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Global banking group Citigroup has decided to consolidate its consumer banking business from 12 major countries including India, China. This is believed to be the biggest setback in the banking sector amid the increasing cases of Corona. But it is a big shock for the company to consolidate business from China and India, because these countries have about 25 percent of the world’s population. Fraser took over as CEO of the company in March 2021 itself.
He says that instead of retail banking, there is much better potential in wealth management. Most of the 13 countries from which Citigroup has consolidated its business are Asian countries. Citigroup’s global consumer business stood at $ 6.5 billion at the end of 2020. It had 224 retail branches and had deposits of $ 123.9 billion.
(This news has not been edited by the NDTV team. It has been published directly from the Syndicate feed.)