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– Bloomberg reported on the 19th (local time) that Citigroup is considering withdrawal from the Korean market while clearing up some of its retail banking business in the Asia-Pacific region.
Bloomberg cited a source familiar with the issue and said that Citigroup is discussing the sale of its retail banking business in Korea, Thailand, the Philippines and Australia. The official added that it has not been decided yet, and there is a possibility that the sale may be carried out in stages, and the existing business site may be maintained as it is.
Bloomberg interpreted the move as part of Jane Fraser’s new CEO’s efforts to streamline the banking, and as part of its efforts to curtail the current reckless expansion of the global consumer sales segment.
Citibank spokesman Jennifer Ronnie said in a statement on the day, “As Fraser said in January, we are reviewing our existing strategy soberly and thoroughly, including how we will adjust our business.” I will consider it.”
When the decision to withdraw from the region, Citigroup is expected to sell the corporation to a local bank. Bloomberg said that this is a familiar field for Fraser’s CEO, and introduced that he had a history of selling retail banking and credit card corporations in Brazil, Argentina and Colombia while serving as head of Latin America in 2015.
Meanwhile, Citigroup is currently operating in 12 countries in the Asia-Pacific region. Retail finance sales in this region were estimated to be $1.55 billion, down 15% in the fourth quarter of last year.
Reporter Eunbin Kim [email protected]
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