Citigroup To Exit Most Of Its Asian Consumer-banking Operations

Citigroup (C) said Thursday it will exit its consumer-banking operations in 13 countries across Asia and parts of Europe to focus more on wealth management outside the U.S.

Jane Fraser, who took over as chief executive officer of Citigroup last month, said, "While the other 13 markets have excellent businesses, we don't have the scale we need to compete."

The bank is exiting consumer operations in Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.

Meanwhile, the bank said it will focus its Global Consumer Bank presence in Singapore, Hong Kong, the UAE and London.

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