American banking major Citibank announced that consumer banking operations will be shut in 13 countries including India.
Citi India's Chief Executive Ashu Khullar said that "There is no immediate change to our operations and no immediate impact to our colleagues as a result of this announcement. In the interim, we will continue to serve our clients with the same care, empathy, and dedication that we do today."
He further added that, "The sharpened strategy announced today will strengthen our ability to bring the full global power of Citi to our institutional clients, reinforcing our leading positions across corporate, commercial and investment banking, treasury and trade solutions, as well as markets and securities services."
Citibank will exit the consumer banking market in India, China, Australia, Malaysia, Bahrain, Korea, Indonesia, Russia, Vietnam, Philippines, Thailand, Poland, and Taiwan.
Citigroup will continue to focus on its global consumer banking business (non-US consumer banking) in Singapore, Hong Kong, London and the United Arab Emirates.
Citigroup's decision to exit banking operations in India is unlikely to have an immediate effect on the company's employees in the region.
Citigroup's Chief Executive Officer Jane Fraser, who took over as CEO in March, said the decision is part of a strategy to "double down" on wealth management, where the prospects for growth are greater.