Citigroup Exits Consumer Banking in 6 Latin American Countries
U.S. banking giant Citigroup said Tuesday it planned to exit the consumer banking business in 11 countries, including six nations in Latin America.
Citigroup is pulling out of the consumer banking business in Costa Rica, El Salvador, Guatemala, Nicaragua, Panama and Peru, as well as Hungary, the Czech Republic, Egypt, Japan and Guam.
“I am committed to simplifying our company and allocating our finite resources to where we can generate the best returns for our shareholders. While we have made progress optimizing these 11 consumer markets, we believe our Global Consumer Bank will achieve stronger performance by focusing on the countries where our scale and network provide a competitive advantage,” Citigroup CEO Michael Corbat said.
The bank plans to continue working with institutional clients in these markets, Corbat said.
Citigroup expects to leave the 11 markets late next year, with its exit subject to market conditions and regulatory approval.
The New York-based banking giant will have a presence in 24 countries, serving 57 million customers.
“Today’s actions are the next step in the execution of our strategy to build an urban-based, globally integrated consumer bank. Since 2009, the Global Consumer Bank has become more streamlined, efficient and profitable. Focusing our presence in 100 cities across both the U.S. and top emerging markets where we have the greatest scale and growth potential positions us to win,” Citigroup Global Consumer Banking co-president and CEO Manuel Medina-Mora said.
Citigroup announced its plans to pull out of the consumer banking business in select markets as part of its third quarter earnings release.
Published in Latino Daily News
Source: http://www.hispanicallyspeakingnews.com/latino-daily-news/details/citigroup-exits-consumer-banking-in-6-latin-american-countries/31332#When:00:11:29Z
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