- Seven Total Divestitures Completed as Part of Citi's Strategy Refresh
According to the company’s website press release on March 1, 2023, Citi announced it has completed the sale of its India consumer business to Axis Bank Limited (Axis). The sale, which Citi and Axis first announced in March 2022, includes credit cards, retail banking, wealth management and consumer loans, as well as the transfer of approximately 3,200 Citi employees.
The transaction is expected to result in a regulatory capital benefit of US$1.4 billion.
Citi's institutional client businesses in India are excluded from the sale and Citi remains focused on serving institutional clients in India and globally.
Citi also announced today the completion of the sale of its retail banking and consumer credit card businesses in Vietnam to UOB Group. Since announcing intentions to exit consumer banking across 14 markets in Asia, Europe, the Middle East and Mexico as part of its strategic refresh, Citi has signed sales agreements in nine markets and has now closed sales in seven markets including Australia, Bahrain, Malaysia, the Philippines, Thailand and Vietnam, in addition to India. The firm previously announced wind-downs of Citi’s consumer business in China and Korea, and the wind-down of Citi’s overall presence in Russia is in progress.
Peter Babej, Citi Asia Pacific CEO, said, "India remains a critical institutional market for Citi. In line with our broader strategic repositioning, we will continue to support our institutional clients in this core market and across APAC, delivering the full power of our global network to enable their growth."
Citi CEO of Legacy Franchises Titi Cole said, “Completing this landmark sale in India is a key milestone for Citi as we execute on our firm’s strategy refresh. We sincerely thank our former colleagues and clients for their contributions and loyalty and wish them continued success.”
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
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Media Contact:
James Griffiths, Hong Kong
852 2868 7668
Danielle Romero Apsilos, New York
212 816 2264
danielle.romeroapsilos@citi.com
Investor Contact:
Jennifer Landis
212 559 2718
Certain statements in this release are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial conditions may differ materially from those included in these statements due to a variety of factors. These factors include, among others, macroeconomic and local market conditions; satisfaction of closing conditions; governmental or regulatory requirements and actions; Citi’s incurrence of unexpected losses, charges or other costs in connection with the sales and wind downs of its remaining consumer banking exits; the imposition of additional sanctions and export controls; and the precautionary statements included in this release. These factors also consist of those contained in Citi’s filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” section of Citi’s 2022 Form 10-K. Any forward-looking statements made by or on behalf of Citi speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.
