Citi Announces Exit from Retail Bank Business in 13 Nations; Indonesia Included



Laila Afifa

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  • TEMPO.CO, JakartaCitigroup Inc. announced that it will overhaul its global retail banking business following the release of its Q1/2021 financial results. Citi CEO Jane Fraser made the announcement via a press release on April 15.

    Citi, Jane said, will focus on its Global Consumer Bank business presence in Asia and Europe, the Middle East and Africa (EMEA) at four global wealth centers; Singapore, Hong Kong, United Arab Emirates and London.

    "Therefore, Citi plans to exit the consumer business in 13 regions," Jane said in an official statement released on Thursday, April 15.

    The thirteen countries Citi refers to are: Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.

    Citi Indonesia CEO Batara Sianturi responded to the statement by saying that Citigroup Inc.'s decision will have no direct impact on Citi's operations in Indonesia. In addition, said Batara, there is no immediate impact on employees following the announcement.

    "For now, we will continue to serve our clients and customers with the same care, empathy and dedication that we have given so far," Batara said.

    Throughout the first quarter of this year, Citigroup posted a net profit of US$7.9 billion with US$19.3 billion in revenues.