The group, which targets high net worth individuals, announced today that it would “pursue an exit” from its consumer banking activities in 13 markets, including Australia, following a “strategic review”.
Instead, the group will focus on its investments and resources in businesses that can “drive stronger growth, offer scale and improve long-term returns.”
In Australia, the sale of the consumer business will allow Citi to focus its investments and resources on its institutional businesses, which include investment banking, capital markets and advisory, securities markets and services. , commercial banking, and treasury and commerce solutions.
The sale of the consumer business will include mortgages, credit cards, loans, retail banking and wealth management for high net worth individuals.
As part of the new strategy, the group will instead have a new consumer banking strategy for Asia and Europe, the Middle East and Africa, which will focus on four centers of wealth: Singapore, Hong Kong, London and the United Arab Emirates.
The group will offer its existing customers a complete range of products from these four divisions.
Citi Australia CEO Marc Luet said; “Citi Consumer Bank in Australia is an attractive and profitable business, employing highly skilled and dedicated team members. Citi is committed to ensuring the best possible outcome for our employees and customers. “
Mr. Luet confirmed that Citi has started a process of selling its Australian consumer business and has attracted the interest of several potential buyers. All sales would be subject to regulatory approval.
“During the sales process, there will be no change in the way Citi serves its consumer banking customers. Consumer operations will continue to function as they do today, ”said Mr. Luet.
Annie Kane is the editor-in-chief of The Adviser and Mortgage Business.
In addition to writing about the Australian brokerage industry, mortgage market, financial regulation, fintechs and the broader lending landscape – Annie is also the host of Elite Broker and In Focus podcasts and The Adviser Live webcasts. .