Citi CEO Jane Fraser reportedly spoke about the US bank’s decision to divest businesses that lacked sufficient scale and focus, for example, on offshore wealth management in Asia.
In 2021, Citi announced that it would exit consumer banking in 13 different markets globally. Within Asia, this included the sale of its retail wealth portfolio in mainland China to HSBC in a deal that was completed in June 2024.
«We have divested the onshore retail banking businesses around the world to focus on the big global wealth offshore hubs and double down there to ensure that we are successful,» said Citi CEO Jane Fraser in an interview with «SCMP».
«I am a big believer in focus, particularly today. You cannot be all things to all people everywhere. With our reorganization and change in our strategy, Citi is on the front foot.»
Geopolitical Risks
On geopolitical risks, especially under newly elected President Donald Trump, Fraser noted that Citi’s expansion in the region would be unaffected.
«I am expecting to see a lot of a lot of vibrancy [In Hong Kong] and from many different parts of Asia in coming years,» she explained. «The connectivity between Hong Kong and Saudi Arabia, for example, or the flows between the UAE and China, are growing in significance and importance in financial flows, energy flows, technology flows – it is multidimensional.»
