Citigroup is disposing of its international retail network

THE “DILLY-DALLYING”UOBDBS, to use the term put forward by Jane Fraser soon after taking over Citigroup in early 2021, is almost over. Outside America and a few international centres, the distinctive blue branches that were once common features of big cities around the world will soon be vestiges of another era, much like black, yellow and red Kodak signs. The New York-based bank, which built a reputation over decades as a global consumer giant, is in retreat. From now on it will focus primarily on commercial banking and wealth management, serving large and medium-sized businesses and millionaires. The retail branches it retains will mostly be concentrated in a few domestic markets, such as New York and California.A series of announcements have already been made: in August the sale of the Australian retail operations to National Australia Bank; in October the wind-down of those in South Korea; in December the sale of its Philippine business to UnionBank of the Philippines; in January a disposal of Indonesian, Malaysian, Thai and Vietnamese branches to Singapore’s United Overseas Bank (), whose chief executive, Wee Ee Cheong, remarked that in a single deal his institution had added what it had taken “even Citi” half a century to build; and, also in January, the sale of Citi’s consumer business in Taiwan to , another Singaporean bank.