Citi Scales Back International Consumer Banking

By Dex Tennyson, for 17 October, 2014

Citigroup has announced plans to leave consumer banking in 11 markets, including Japan, to focus on locations with greater growth potential.

In Europe, Citigroup will withdraw Global Consumer Banking from the Czech Republic and Hungary. Other affected countries are El Salvador, Guatemala, Nicaragua, Panama, Peru, and Egypt. The bank is also exiting from its consumer finance business in South Korea.

Manuel Medina-Mora, Citi Co-President and the CEO of the bank's Global Consumer Banking (GCB) service, said that the move was part of a strategy "to build an urban-based, globally integrated consumer bank." He explained that the GCB business is focusing on "100 cities across both the US and top emerging markets."

Subject to the market and approvals, the process is expected to be completed for the most part by the end of next year. However, Citigroup's Institutional Clients Group (ICG) operations will continue to operate in the 11 markets.

Tags: Finance | Business | Hungary | Nicaragua | Business Groups | Banking | Czech Republic | Egypt | Guatemala | Peru | El Salvador | Guam | Japan | Panama | Expats | Personal Finance | Europe | Banking |


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