Bahrain – Citi announced today that it has successfully completed the sale of its Bahrain consumer business to Ahli United Bank B.S.C. (AUB). The transaction includes Citi's retail banking, credit card and unsecured lending businesses, as well as the transfer of approximately 175 related staff including full time employees and contractors, but excludes Citi's institutional businesses.
The transaction, which was first announced on April 4, is expected to result in a regulatory capital benefit to Citi of approximately US$40 million.
The sale of Citi's Bahrain consumer business is among the 14 consumer markets in Asia, Europe, the Middle East and Mexico that Citi previously announced it would exit as part of the firm's strategy refresh. To date, sales agreements have been signed in nine markets and have closed in five markets including Australia, the Philippines, Thailand and Malaysia, in addition to Bahrain. Citi is also in the process of winding down consumer banking in South Korea and Russia.
"We are pleased with the smooth transfer of our consumer business to AUB and thank our former colleagues for their continued excellence in serving clients throughout the transition process. We wish them continued success in the future," said Titi Cole, CEO, Legacy Franchises.
Michel Sawaya, Bahrain Citi Country Officer, said: "This represents a positive outcome for Citi, our clients and our colleagues. We remain committed to serving our institutional clients in Bahrain to meet all their banking needs."
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
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Natasha Slowther, Dubai
+971 56 166 3955
Danielle Romero Apsilos, New York
+212 816 2264
+212 793 2014
Certain statements in this release are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial conditions may differ materially from those included in these statements due to a variety of factors. These factors include, among others, macroeconomic and local market conditions; satisfaction of closing conditions; governmental or regulatory requirements and actions; Citi's incurrence of unexpected losses, charges or other costs in connection with the sales and wind downs of its remaining consumer banking exits; the imposition of additional sanctions and export controls; and the precautionary statements included in this release. These factors also consist of those contained in Citi's filings with the U.S. Securities and Exchange Commission, including without limitation the "Risk Factors" section of Citi's 2021 Form 10-K. Any forward-looking statements made by or on behalf of Citi speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements.