Citi’s consumer banking retreat includes all its consumer-focused operations including credit cards, loans, retail banking, wealth management for high-net-worth individuals and mortgages.
The Australian sale plans come as Citi reviews its retail banking operations in the region. The group has about 20 consumer banks globally, and a dozen are in the Asia Pacific region including Australia, South Korea and Thailand.
Should Citi find a buyer for its Australian consumer operations, it would leave the Wall Street bank focused on institutional banking and capital markets businesses, which include investment banking, capital markets and advisory, markets and securities trading, commercial banking and treasury services.