Part of the new CEO group reorganization strategy
![Citibank. [사진 = 연합 제공]](https://i0.wp.com/news.google.com/news/photo/202102/69851_41220_1458.jpg?w=560&ssl=1)
[오늘경제 = 최주혁 기자]
It is reported that Citigroup, a global financial group, is considering a complete withdrawal from Asia, including Korea.
Bloomberg News on the 20th (Korean time) quoted multiple high-ranking sources, saying, “Citigroup is considering selling its retail banking business in Asia Pacific including Korea, Thailand, the Philippines and Australia.”
In particular, the willingness to withdraw is known to reflect the intention of the newly inaugurated CEO of Jane Fraser Citigroup to reorganize the group. The source said, “It is in progress as part of the reduction of the retail business.”
Currently, Citigroup is in 17 markets around the world, including 12 regions in Asia Pacific and 5 regions in Europe, Middle East and Africa.
In this regard, a Citigroup spokesperson made a statement and said, “As Fraser’s CEO made a public debate in January, we are carefully reviewing the revision of the existing strategy. I will bring it out,” he said.
If Citibank’s withdrawal from the Asia Pacific region is final, the Group will sell the corporation to the local bank. The withdrawal of the market proceeds’step by step’.
It is reported that Citigroup is actively undertaking the sale and has decided to focus on markets with growth potential.
It is analyzed that if the withdrawal from the Korean market takes place in earnest, the desire for restructuring will immediately rise.
In the fourth quarter of last year, Citigroup’s retail banking revenue in Asia fell 15% to $1.05 billion, deteriorating its profit structure.
The global trade war intensifies, which leads to a contraction of customer transactions and a sharp decline in sales, which is interpreted as a result of the darkening of the economic outlook.
An official said, “The sudden withdrawal of future-oriented foreign banks from the country is contrary to the poor business environment.” Asked.
Meanwhile, the rumor of Citibank’s withdrawal came to the fore in 2017, and at the time, former Citibank President Park Jin-hoe, at the time, began to evolve as a “not practical”.
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