NEW YORK,15 April 2021:
Citibank Malaysia will soon stop offering deposit, mortgages, ATMs and other consumer service products as part of its plan to close such services in 13 countries – which include Australia, Bahrain, China, India, Indonesia, Korea, Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.
Citigroup chief executive officer Jane Fraser today said the financial group will focus its global consumer bank presence in Asia on four wealth centres – Singapore, Hong Kong, the UAE and London.
“As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth. This positions us to capture the strong growth and attractive returns the wealth management business offers through these important hubs.
“While the other 13 markets have excellent businesses, we don’t have the scale we need to compete. We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia.”
She said Citigroup’s Institutional Clients Group will continue to serve clients in these markets, which remain important to its global network.
“We will continue to update you on strategic decisions as we make them while we work to increase the returns we deliver to our shareholders.”