It will continue to focus on wholesale business in India.Ĭiti India’s products and services are organized under two segments: Institutional Clients Group (ICG) and Global Consumer Banking (GCB).New York Citi today announced that it will wind down its consumer banking business in Korea as part of the strategic actions the bank is taking to refocus its Global Consumer Bank presence in Asia and EMEA on four wealth centers-Singapore, Hong Kong, the UAE and London-and pursue exits from its consumer franchises in 13 markets across the two regions. 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”.įor the fiscal year ended March 31, 2020, Citibank India reported a Profit After Tax of Rs 4,918 crores.Īccording to reports, the bank is looking for a buyer for its India consumer business and there will be no impact on existing customers, staff or operations till the sale occurs. She added, “while the other 13 markets have excellent businesses, we don’t have the scale we need to compete. “Citigroup’s Institutional Clients Group will continue to serve clients in these markets, which remain important to Citi’s global network,” a statement from the company said.ĬEO Jane Fraser: “Let me be clear on one very important point: Citi will continue to invest behind and serve our institutional clients in these thirteen markets.”

Citi intends to exit from its retail banking operations in thirteen markets across the two regions which include Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.

Citi global consumer bank report 2017