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Citi To Sell Consumer Banking Business In Bahrain To Ahli United Bank

Citi agreed to sell its consumer banking business in Bahrain to Ahli United Bank B.S.C. The transaction credit card and unsecured lending businesses but excludes Citi's institutional businesses.

Citi said it remains committed to continuing to serve institutional clients in Bahrain locally, regionally and globally.

As per the agreement, Citi consumer employees and employees supporting the consumer business will be offered employment from Ahli United Bank upon close of the proposed transaction.

Upon closing, Citi expects the transaction will make a small contribution to the previously announced release of about US$7 billion of allocated tangible common equity over time from the exit of its consumer franchises in 13 markets in Asia Pacific and Europe, Middle East and Africa.

Closing of the proposed transaction is anticipated by the second half of 2022.

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