Dubai: Citigroup on Tuesday announced that it intends to exit its consumer businesses in 11 markets. However the bank clarified that it has no intention to exit Egyptian operations.
“This strategic action is consistent with Citi’s global strategy of allocating resources to higher return opportunities. Egypt is an important market for Citi which will continue to serve clients of its institutional businesses,” said Nadir Shaikh, General Manager, Citi Egypt.
The affected businesses include the consumer franchises in Costa Rica, Czech Republic, Egypt, El Salvador, Guam, Guatemala, Hungary, Japan, Nicaragua, Panama and Peru, as well as the consumer finance business in Korea.
Active sales processes are underway for the majority of the businesses, and subject to market conditions and regulatory and other approvals, the strategic actions are currently expected to be substantially completed by year-end 2015.
