“This positions us to capture the strong growth and attractive returns the wealth-management business offers through these important hubs,” Fraser said in the statement.
Citigroup Inc. plans to exit retail banking in 13 markets across Asia and the Europe, Middle East and Africa region.
The bank will instead operate its consumer-banking franchise in both regions from four wealth centres in Singapore, Hong Kong, the United Arab Emirates and London, it said Thursday in a statement. The move is part of an ongoing review of the company’s strategy by Chief Executive Officer Jane Fraser, who took over last month.
