Posted on Apr 17, 2021, 11:27 a.m.Updated Apr 17, 2021, 11:38 AM
US bank Citigroup, whose net profit tripled in the first quarter thanks in part to the reduction in its provisions due to the pandemic, plans to abandon its retail banking services in 13 countries, including China and India.
The largest bank in the world, Citigroup had already cut back considerably in a decade, after almost succumbing to the financial crisis. In particular, it had withdrawn from certain Latin American countries in 2015. With these latest announcements, it will soon have only retail branches in six countries, compared to 50 in 2006. Besides China and India, Citigroup plans to end its retail banking activities in Australia, Bahrain, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. Most of the 200 or so agencies involved will be put up for sale.