Citigroup announces retail business exit from India, 12 other countries

Says it lacks the scale to compete in retail space, will focus on wealth management business

Citigroup on Thursday said it was exiting retail banking in India and 12 other countries across Asia and parts of Europe to focus on its wealth management business, as it lacked the “scale” to compete in this space.

The decision to exit retail businesses from a few markets was one of the first moves by newly appointed CEO Jane Fraser after she took over the US-headquartered bank in February.

On Thursday, Citigroup, while announcing its quarterly results, said it would exit its consumer franchises in India, Australia, Bahrain, China, Indonesia, Korea, Malaysia, Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam.

Citigroup’s Institutional Clients Group