Sunday, May 16, 2021
covid vaccination

Ashirwad 51000

Kisani Karza 4624 Cr

Shaheed 50 lakh

Mahila Sarpanch

Vidhwa Pension 1500

NNP Soorbir

Markfed 3 3

Verka Ice Cream

Innocent Hunar Se Rozgar 25 4 21

Citigroup to exit consumer banking ops in India, 12 other countries

- Advertisement -

New Delhi/New York, April 15, 2021-
In a global restructuring to allocate resources in markets with scale, Citigroup will exit consumer banking operations in India as well as 12 other countries.

The multinational investment bank headquartered in New York on Thursday announced strategic actions in the global consumer banking segment as part of an ongoing strategic review, which will allow Citi to direct investments and resources to the businesses where it has greatest scale and growth potential.

The announcement was made as Citigroup reported its first quarter results.

Citi will focus its global consumer banking presence in Asia and EMEA on four wealth centres — Singapore, Hong Kong, the UAE and London. As a result, Citi intends to pursue exits from its consumer franchises in 13 markets across the two regions.

The affected businesses include the consumer franchises in India, Australia, Bahrain, China, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.

Citigroup’s Institutional Clients Group will continue to serve clients in these markets, which remain important to Citi’s global network.

Jane Fraser, CEO, Citigroup, said, “As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth. We will operate our consumer banking franchise in Asia and EMEA solely from four wealth centres — 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.

“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. We will continue to update you on strategic decisions as we make them while we work to increase the returns we deliver to our shareholders.” (Agency)

- Advertisement -

Yes Punjab - TOP STORIES

Punjab News

Sikh News

Transfers, Postings, Promotions

- Advertisement -spot_img

Stay Connected

20,383FansLike
113,109FollowersFollow

ENTERTAINMENT

National

GLOBAL

OPINION

Major General SB Asthana

India’s Covid-19 Challenge: A Crisis Management Perspective – by Major General S.B. Asthana

India is in a state of biological war against an invisible enemy (coronavirus), which has imposed unprecedented health emergency of this century. While the...
COVID 19 Virus

Covid Emergency: We should go back to the districts – by DC Pathak

India is in great distress because of the 'killer' second wave of Covid and people are shaken up with the fear of the unknown...
Sri Guru Tegh Bahadar ji

Ninth Sikh Guru Tegh Bahadur led a dharmic path – by Dattatreya Hosabale

In Indian history, Guru Shri Tegh Bahadurs personality shines resplendent like a bright constellation. He was born in Amritsar to Guru Hargobindji and Nankiji...

SPORTS

Health & Fitness

Diabetes Check

Uncontrolled diabetes major cause of Black Fungus: Experts

Lucknow, May 16, 2021- Uncontrolled diabetes is emerging as a major factor in acquiring black fungus infection or mucormycosis, which is surfacing in Covid-19 patients after recovery and is leading to further complications An online event, hosted by Sanjay Gandhi Post Graduate Institute of Medical Sciences on Saturday with 52 experts discussing the issue, aimed to prepare the work force to...

Gadgets & Tech

error: Content is protected !!