No products in the cart.
- Latest
- Trending
ADVERTISEMENT
US multinational investment bank Citi has proposed to scale back its retail banking activities in the UK and instead focus its personal banking and wealth management activities on select wealth clients.
Citi considers exiting UK retail banking operations
The closure of the UK retail division is part of Citigroup CEO Jane Fraser’s plan to simplify the company and boost its share price by exiting core businesses, including consumer franchises in 13 markets. push up.
The news comes months after Citi announced it would end its Citibanamex consumer banking operations in Mexico and end its 20-year retail operations in the country.
If the UK plan is approved, Citi says the “overwhelming majority” of customers who have not been invited to move to private baking services will not be affected until 2023.
Citi’s retail banking footprint in the UK is small, with one branch at its EMEA headquarters in Canary Wharf. As a result, Citi says the move will have an “insignificant financial impact” on the company.
If implemented, it will be handled by Citi’s Wealth Management business and the bank is in the process of consulting with relevant employees.
The bank has described the UK as a ‘strategic wealth hub’ and an important global hub for institutional investors.
Cutting back on banking will allow Citi to leverage its “key strengths” in private banking and investment services and focus on clients who need wealth management advice, the company said.
Citi’s UK Retail Bank clients meeting this profile will be invited to take advantage of private banking services that “will benefit from a broader product range and more bespoke services”, including transaction banking.
