Citibank exits 13 consumer banking markets globally including China, Australia & Malaysia

Rest assured, Singapore is not one of them.

Alfie Kwa | April 16, 2021, 05:05 PM

Citigroup CEO, Jane Fraser, announced via a press release on Thursday (Apr. 15) that the bank will exit from 13 retail banking markets across Europe and Asia.

Retail banking consumers within these countries will face the shut down of their Citibank credit cards, saving bank accounts and personal loans according to The Economic Times.

Affected countries include Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.

Its Institutional Clients Group will nonetheless continue to serve clients in these markets. Citigroup said that it is choosing to focus on investments and resources in markets with the most potential growth and scale.

Fraser said:

“While the other 13 markets have excellent businesses, we don’t have the scale we need to compete. We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia."

Singapore unaffected by changes

So if you have a Citibank account, do not worry.

The American-based company plans to achieve an even stronger Global Consumer Bank presence in four ‘wealth centres’, including Singapore, Hong Kong, the UAE and London.

"This positions us to capture the strong growth and attractive returns the wealth management business offers through these important hubs," said Fraser.

On Apr. 12, Citi announced the launch of their digital credit cards to accommodate digital savvy Singaporeans.

The digital credit cards can be used to make online payments, set up recurring payments including payments for subscription-based services, and be enrolled into Apple, Google and Samsung Pay.

New Citi customers can use the digital cards immediately, before receiving their physical cards.

Top photo from Go Banking Rates