Citi will sell its consumer banking business in Bahrain to Ahli United Bank (AUB).
Under the deal, Citi will sell its retail banking, credit card and unsecured lending business to Ahli United Bank (AUB) after a competitive auction process, the U.S.-based banking giant said in a press release Monday. The deal will exclude the institutional businesses, Citi said.
The transaction is the ninth sale in the Asia Pacific and Europe, Middle East and Africa (EMEA) since Citi announced its new strategy around a year ago, the release said. Last year, Citi said it would exit the consumer banking business in 13 markets, and would focus on wealth management. The bank said it would keep its institutional clients business in all existing markets.
Institutional Focus
«We are very pleased to announce this transaction with AUB, a leading organization with a strong growth strategy in consumer banking in Bahrain,» Michel Sawaya, Citi country officer for Bahrain, said in the statement. «We are confident AUB will provide excellent opportunities for our customers and employees. For Citi, this transaction will enable additional investment in our strategic focus areas, including our institutional businesses in Bahrain.»
Employees of the consumer business in Bahrain will be offered employment from AUB on the completion of the transaction, which is subject to regulatory approval, Citi said.
The deal is expected to be completed by the second half of this year, Citi said.
