Business
Citi finalises retreat from Australian consumer banking: sources – The Australian Financial Review
It is understood the global banking giant has been preparing major customers for an imminent retreat from consumer banking in Australia.
Citis consumer banking retreat includes all its consumer-focused operations including credit cards, loans, retail banking, wealth management for high-net-worth individuals and mortgages.
The Australian sale plans come as Citi reviews its retail banking operations in the region. The group has about 20 consumer banks globally, and a dozen are in the Asia Pacific region including Australia, South Korea and Thailand.
Should Citi find a buyer for its Australian consumer operations, it would leave the…
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