MUMBAI :
Citigroup on Thursday said it will exit its retail banking business in India and 12 other countries, choosing to deploy its capital and resources in investments that offer better returns and growth.
The move will see the bank also exit consumer businesses across parts of Asia and the Europe, including Australia and China. It will, however, retain its consumer-banking franchise in the four wealth centres in Singapore, Hong Kong, the United Arab Emirates and London.
The exits were announced as Citigroup reported record quarterly profit, boosted by income from blank-cheque companies that it helped take public, Bloomberg said on Thursday. Jane Fraser, who took charge as chief executive on 1 March, is trying to boost profitability by focusing on more lucrative parts of Citigroup’s businesses.
The bank is…
