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Citigroup mulls divesting some APAC retail banking units

Revenue from consumer banking in the region declined 15% in Q4.

Citigroup is looking to divest some international consumer units including those across retail banking in Asia Pacific, reports Reuters.

The move, part of CEO Jane Fraser’s attempt to simplify the bank, can see units in South Korea, Thailand, Philippines and Australia being divested, according to a Bloomberg report. No decision has been made.

Revenue from Citi’s consumer banking business in Asia declined 15% to $1.55b in the Q4 2020.

The divestitures could be spaced out over time or the bank could end up keeping all of its existing units.

The firm is also reviewing consumer operations in Mexico, though a sale there is less likely.

Here’s more from Reuters.

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