Bloomberg “Citigroup to withdraw from Korean retail financial market”

Input 2021.02.20 11:34 | Revision 2021.02.20 11:35

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It is reported that Citigroup is considering withdrawal from the Korean market to clear up its retail banking business in Asia.

Bloomberg News said on the 19th (local time) that Citigroup is considering selling its retail banking business in Asia-Pacific regions including Korea, Thailand, the Philippines and Australia, citing well-known sources. Citigroup currently has 12 markets in Asia Pacific.

This review decision is analyzed to reflect the intention of the newly inaugurated Jane Fraser (pictured), Citigroup’s CEO. A spokesperson for Citigroup said in a statement that day, “As Fraser’s CEO mentioned in January, we are looking at the existing strategy soberly and thoroughly. Since the news, Citigroup shares have risen more than 3%, closing at $65.78 per share.

According to Bloomberg, Fraser has a history of selling retail banking and credit card corporations in Brazil, Argentina and Colombia while serving as head of Latin America in 2015.

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