Citi to close retail banking in Bahrain, India, China

  • Date: 16-Apr-2021
  • Source: Zawya
  • Sector:Retail
  • Country:Bahrain
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Citi to close retail banking in Bahrain, India, China

Citigroup has said it will close retail banking operations in 13 countries across Asia and parts of Europe, including Bahrain, to focus more on wealth management outside the US. This move, one of the first big strategic moves made by CEO Jane Fraser, who took over in February, will also cover the consumer franchises in Australia, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. Citigroup's Institutional Clients Group will continue to serve clients in, said a statement. Tweeting on the decision, CEO Jane Fraser said: “Let me be clear on one very important point: Citi will continue to invest behind and serve our institutional clients in these thirteen markets.” Meanwhile, Citigroup reported a net income for the first quarter 2021 of $7.9 billion, or $3.62 per diluted share, on revenues of $19.3 billion. This compared to net income of $2.5 billion, or $1.06 per diluted share, on revenues of $20.7 billion for the first quarter 2020. Revenues decreased 7% from the prior-year period, as higher revenues in Investment Banking and Equity Markets were more than offset by lower rates, the absence of prioryear mark-to-market gains on loan hedges within the Institutional Clients Group (ICG), and lower card volumes in Global