Citigroup Leaves The Banking Business In 13 Countries, Indonesia Is One Of Them

Illustration of Citigroup financial activities. (Photo: By courtesy)

JAKARTA - Multinational financial institution Citigroup Inc. reportedly will immediately adjust the operational area by stopping retail banking activities in 13 countries spread across Europe, Asia, the Middle East, and Africa.

Quoting Citigroup's broadcast on Friday, April 16, it was stated that the company will focus on business activities in four countries considered to be the world's financial centers, namely London, United Arab Emirates, Hong Kong, and Singapore.

For information, this action is part of a policy issued by Citigroup CEO Jane Fraser after occupying the company's top chair last month.

"This step is a strategy to achieve growth and get attractive interest from these business centers", she said.

It was stated that the thirteen countries Citi wanted to leave were Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam.

"We only serve institutional clients in that country because it is important to maintain a global network", she said.

Fraser herself admitted that Citi actually has good business activities in a number of countries. However, she saw that her company did not have the ability to compete more competitively with local financial institutions.

For this reason, she will continue to focus on deepening the wealth management sector, aka wealth management, especially for operational areas in Asia.

"This strategic decision is our effort to provide a good return to shareholders", concluded Fraser.