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Citibank reaffirms commitment to Indonesia

Citibank reaffirms commitment to Indonesia

(13 December 2012 – Indonesia) Indonesia remains one of 16 priority countries for Citibank, despite sweeping reform measures in the country. Citigroup chief executive Michael Corbat unveiled programs to create more efficiency within the company, including the axing of 11,000 employees worldwide.

The plan is expected to save at least US$900 million (A$854 million) for Citigroup’s operations next year, and around US$1.1 million a year starting 2014.

Citibank Indonesia’s corporate affairs head Agung Laksamana said Citigroup is committed to Indonesia long-term.

Emerging economies are not exempt from the axe, as Citigroup said it planned to sell or significantly scale back consumer operations in Pakistan, Paraguay, Romania, Turkey and Uruguay.

The bank also plans to shed 84 branches in Brazil (14), Hong Kong (7), Hungary (7), Korea (15) and the US (44), with the company expected to maintain 4,000 retail branches worldwide after the reductions, according to a source.
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