Citi to Shut Small Business Banking in Singapore
(16 June 2021 – Singapore) Citibank has decided to close its Citibusiness unit, which serves small businesses under its consumer banking franchise in Singapore, from mid-August.
This will affect some 2,000 customers who were advised to transfer their balances as their deposit accounts will be closed with effect from August 11. About 20 to 30 staff will also be affected by the changes.
The bank will continue to serve its small and medium-sized enterprise (SME) clients through Citi Commercial Bank, which is part of the institutional side of its franchise.
“Singapore is a priority market for Citi. We continue to invest and focus on growth areas of the bank including the SME and commercial banking business,” a Citi spokesperson said.
“Following ongoing strategic reviews of our plans for our small business banking in Singapore, we will be re-allocating these resources and our people to support other growth areas and sharpen our client focus.”
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