Citibank is pulling out from personal banking in Thailand after 54 years, blaming increased market competition.
American multinational financial services provider Citigroup yesterday announced plans to exit consumer banking in 13 countries in and around east Asia including Thailand, Malaysia, the Philippines, Vietnam, China, South Korea and Australia. It means that individuals will lose their personal accounts or cards with the bank at a date yet to be announced.
The New York-based bank said it will continue to offer business products and services to its institutional clients in affected markets, including trading, private banking and investment banking.
CEO Jane Fraser, who took the top post at the bank last month, said the move was strategic.
“While the other 13 markets have excellent businesses, we don’t have the scale we need to compete,” Fraser said in the bank’s announcement. “We believe our capital, investment dollars and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia.”
Citibank, which just reported record quarterly profits, first came to Thailand in 1967. It is the largest foreign bank operating in the kingdom, with more than 1 million customers.
