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Citigroup considering divestiture of some foreign consumer units – Bloomberg Law

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FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren

(Reuters) – Citigroup Inc is considering divesting some international consumer units, Bloomberg Law reported on Friday, citing people familiar with the matter.

The discussions are around divesting units across retail banking in the Asia-Pacific region, the report bit.ly/3pD57WP said.

The move, part of incoming Chief Executive Officer Jane Fraser’s attempt to simplify the bank, can see units in South Korea, Thailand, the Philippines and Australia being divested, the report added.

However, no decision has been made, according to the report.

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

The bank did not immediately respond to a Reuters request for comment.

Last month, New York-based Citigroup beat profit estimates but issued a gloomy forecast for expenses. Finance head Mark Mason said the lender’s expenses could rise in 2021 in the range of 2% to 3%, weighing on its operating margins. (reut.rs/2ZwXRB1)

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