Citigroup Will Leave the Indonesian Retail Banking Business

JAKARTA, KOMPAS.com – Citigroup Inc. plans to make an overhaul of the segment consumer banking or retail banking globally.

One of the steps that Citigroup will take is to get out of banking business retail in 13 countries, including Indonesia.

CEO of Citi Indonesia Batara Sianturi said that Citi’s departure from the retail segment was a form of refreshment from the banking business model.

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“This will create great opportunities for us to offer a different and unique value proposition to our clients,” he said in a written statement, Friday (16/4/2021).

According to him, this step will also make Citi Indonesia more focused on the institutional banking segment.

“We currently serve 90 percent of the 20 largest companies in Indonesia and last year we raised more than 10 billion US dollars for our clients in Indonesia,” he said.

Regarding Citi’s departure from the retail segment, Batara confirmed that there was no direct change to banking operations in the country.

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“There is no immediate impact on our employees after this announcement. For now, we will continue to serve our clients and customers with the same care, empathy and dedication we have done so far, ”he said.

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