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Citigroup Wants To Exit 13 Retail Banking Markets, Including Malaysia

Citigroup Wants To Exit 13 Retail Banking Markets, Including Malaysia

They want to focus on four markets – Singapore, Hong Kong, UAE and London – instead.

Hakim Hassan

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Citigroup Inc (Citi) wants pull the plug on retail banking in Malaysia as part of plans to exit from 13 markets across two regions – Asia and Europe; the Middle East and Africa.

Below is the list of countries, based on reports:

  • Australia
  • Bahrain
  • China
  • India
  • Indonesia
  • Korea
  • Malaysia
  • the Philippines
  • Poland
  • Russia
  • Taiwan
  • Thailand
  • Vietnam

The group instead wants to focus their consumer banking business on four wealth centres which are – Singapore, Hong Kong, the United Arab Emirates and London.

Meanwhile, NST quoted Citi Malaysia’s Chief Executive Officer Usman Ahmed who said that they have been in Malaysia for over 60 years and the global announcement does not in any way dilute its long term commitment to Malaysia or the Asia Pacific region. 

The bank will still have multiple businesses across corporate and investment banking, markets (including equity brokerage) and treasury and trade solutions.

It’s reported by The Edge that they have around 10 branches in Malaysia and a workforce of over 5,000 employees in the country.

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