The bank will instead operate its consumer-banking franchise in both regions from four wealth centers in Singapore, Hong Kong, the United Arab Emirates and London, it said Thursday in a statement. The move is part of an ongoing review of the company’s strategy by Chief Executive Officer Jane Fraser, who took over last month.
The New York-based bank has already been building out a wealth-advisory hub in Singapore. The 30,000-square-foot (2,800-square-meter) space is the largest of its kind for the bank and has room for more than 300 relationship managers and product specialists.
The withdrawal came as Citigroup reported record quarterly profit, boosted by the flurry of blank-check companies it helped take public in the first three months of the year.
“While the other 13 markets have excellent businesses, we don’t have the scale we need to compete,” Fraser said. “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.”