CitiGroup Exits Consumer Banking in 11 Markets, Seeks to Simply Company

Breathe easy now, Singapore isn't one of them


Citigroup has just announced today that they will be exiting retail banking in several countries: Costa Rica, El Salvador, Guatemala, Nicaragua, Panama, Peru, Japan, Guam, the Czech Republic, Egypt and Hungary, and consumer-finance business in Korea. The move quoted by Citigroup’s CEO is to simplify the company and allocate resources to where they can generate the best returns.

If you happen to have Citibank accounts in the countries affected, you might want to take the necessary arrangements to look for a new bank starting next year.

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