Citi Refocuses on IB Following Retail Banking Sale
(15 April 2021 – Australia) Citi is upping its focus on investment banking (IB), capital markets, advisory, markets, commercial banking, treasury and trade finance services (TTS) in Australia following the sale of its 36 year old retail banking operations.
The US headquartered bank is selling the consumer bank and announces plans to exit credit cards and retail deposit taking in 12 other countries including South Korea, India and Thailand. New Citi global CEO Jane Fraser reiterated that the group is focused on using its corporate and institutional banking (CIB) division to develop the group further with a view to directly financing Australia’s transition to a low carbon economy.
“This decision to sell the consumer business in Australia follows a global review of our strategy. We are committed to the Australian market and the move will allow us to focus our resources on businesses that can drive stronger growth, deliver scale and enhance returns over the long run” stated Citi Australia CEO Marc Luet.
“In 2021, we see significant growth opportunities for Citi including financing Australian companies’ transition to a low-carbon economy. There is increasing demand from clients to develop their ESG strategies, including the selling or demerging parts of their business. Citi expects continued demand for access to the debt and capital markets to fund growth and M&A opportunities as the economy recovers” Mr Luet added.