Sydney: Citi announced today that it will pursue an exit from its consumer banking business in 13 markets, including Australia, following a strategic review designed to focus its investment and resources to the businesses that can drive stronger growth, deliver scale and improve returns over the long run.
In Australia, the sale of the consumer business will enable Citi to focus its investment and resources to its institutional business, which includes investment banking, capital markets and advisory, markets and securities services, commercial banking and treasury and trade solutions.
Citi Australia CEO, Marc Luet, said; "Citi's consumer bank in Australia is an attractive and profitable business, employing highly skilled and dedicated team members. Citi is committed to securing the best possible outcome for our employees and our customers."
Mr Luet confirmed that Citi has commenced a sale process of its Australian consumer business, and received interest from several potential buyers. Any sale would be subject to regulatory approval.
"During the sale process, there will be no change in the way Citi serves its consumer banking customers. Consumer operations will continue to operate as they do today," Mr Luet said.
Citi Australia's consumer business encompasses credit cards, loans, retail banking, wealth management for high net worth individuals and mortgages. It operates a digital model, with more than 99% of clients coming to Citi via digital channels. The bank is also a credit card provider for some of Australia's leading brands.
The new consumer banking strategy for Asia and Europe, Middle East and Africa will focus on four wealth centres in Singapore, Hong Kong, London and UAE. Citi will continue to serve our existing clients with a full suite of products from these four hubs.