TEMPO.CO, Jakarta – Citigroup reportedly will close its business in five countries in Asia next week. The five countries are Indonesia, the Philippines, Taiwan, India, and Thailand.
Closing the business cannot be separated from DBS Group Holdings Ltd. and Standard Chartered Plc, which were previously said to be interested in buying Citigroup Inc’s retail business. in Asia. Reporting from Bloomberg last Thursday, October 21, 2021, the two banks were said to be interested in bidding on Citigroup’s retail assets in Indonesia, the Philippines, Taiwan, India and Thailand, which will expire this week.
The sale of these assets offers an opportunity for buyers to increase their credit card business as well as wealth management in these five countries. This sale has high appeal because interest income due to high costs in this region is no longer in line with Citi’s new strategy.
Citigroup has previously announced that it will be going out of business retail from 13 markets in Asia, Europe, Middle East and Africa. Its Australian business was sold to National Australia Bank Ltd. in August.
The news of the plan to leave the global retail bank business was previously conveyed Citigroup Inc. after delivery the release of the results of the first quarter of 2021 financial performance. This was revealed by the CEO Citi Jane Fraser via press release.
Citi, said Jane Fraser at the time, would focus on its Global Consumer business presence Bank in Asia and Europe, the Middle East and Africa (EMEA) in four global wealth centers. Fourth in global wealth center andthose referred to are Singapore, Hong Kong, United Arab Emirates, and London.
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