Global banking giant Citigroup announced this week that it was looking to divest its operations in Thailand as part of a move to ‘exit’ as many as 13 countries.
Citibank, which is Thailand’s largest credit card issuer, made the announcement on Thursday in New York at an analyst meeting. The announcement was made by the new Chief Executive Officer of Citigroup, Jane Fraser.
“While the other 13 markets have excellent businesses, we don’t have the scale we need to compete,” the Financial Times quoted Fraser as saying while adding that the bank was looking to sell its consumer businesses in Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.
Citigroup, she said, will continue to remain active in consumer and wealth management in hubs like Singapore, Hong Kong, United Arab Emirates and London.
“As a result of the ongoing refresh of our strategy, we have decided that we are going to double down on wealth.”
The assets being sold in Thailand includes the credit card business, the ‘Ready Credit’ personal loans and other business related to consumer banking.
Citibank (Thailand) has nearly 1.5 million credit card users and about 800,000 ‘Ready Credit’ personal loan customers.
Citibank (Thailand) did not respond to calls by Thai Enquirer.