Citiburies withdrawing from the consumer banking business in China will affect about 1

Citi Group is gradually ending China's consumer banking business, which is the latest step of the US Bank's retreat from the Asian business.

According to the Wall Street Journal, Citi Group proposed a strategic change last year, which is one of the first major measures taken by CEO Jane Fraser after taking office.Citi has plans to abandon most of its retail business in Asia, and use resources for wealth management and corporate customers.

CEO of Citi Group is responsible for traditional business, saying that before deciding to close the Chinese consumer business, the bank has explored a variety of strategic choices of Chinese consumer business in the past few months.The bank still hopes to sell the business portfolio.

Citi said that withdrawal of the business will affect about 1,200 employees in China.The bank -based bank also said that it will explore various options for those who want to continue to work in Citi, whether in China or other places.

Citi also said that it will be affected by the withdrawal products, including deposits, insurance, investment, loans and bank cards.It will be retained in China's institutional business.

The bank announced its strategic change in April 2021, telling investors that it will withdraw from the consumer banking business in 13 markets, most of which are in Asia.Fan Jien said that the Bank of America lacks the scale of competition in these markets.The bank said earlier this year that it will also withdraw from the consumer bank business in Mexico.

In January this year, Citi agreed to sell it to Dahua Bank in Indonesia, Malaysia, Thailand and Vietnam.In December 2021, Citi sold its consumer department in the Philippines to the Philippine United Bank.Citi said that it is also underway to end consumer business in South Korea and the overall business in Russia.

The bank will continue to provide consumer banking business in Hong Kong, Singapore, the United Kingdom, and the United Arab Emirates. It believes that these countries are the center of attracting wealthy customers.

Citi said that the cost of closing its retail business in mainland China will not have a significant impact on the company's operations and financial conditions.