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Citibank Indonesia sells its consumer banking arm

As part of Citigroup's global downsizing strategy, the Indonesian operation is selling its consumer banking business, including credit card and digital banking services.

Eisya A. Eloksari (The Jakarta Post)
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Jakarta
Mon, April 19, 2021

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Citibank Indonesia sells its consumer banking arm A Citibank branch office in Jakarta, Indonesia (Courtesy of Citibank NA Indonesia/-)

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rivate lender Citibank Indonesia announced on Sunday that it would start the process of selling its consumer banking arm as part of parent company Citigroup’s global downsizing strategy.

Citibank Indonesia's consumer business includes credit cards and unsecured loans, as well as wealth management and digital banking services.

Citibank Indonesia CEO Batara Sianturi said it would carry out the exit process “prudently and systematically” in coordination with stakeholders, including the Financial Services Authority (OJK) and Bank Indonesia.

“During the selling process, our consumer banking operations, such as branch offices, call centers and digital services, will operate normally,” Batara said in a press statement on April 18.

Meanwhile, the bank will continue providing corporate and investment banking services through Citi’s Institutional Clients Group (ICG) as well as capital market services through PT Citigroup Sekuritas Indonesia.

Indonesia is among the 13 consumer banking markets around the world that New York-based Citigroup plans to exit in a move intended to increase the profitability of consumer banking arm that booked a US$ 2.17 billion net income in the first quarter of 2021, turning around a loss from the same period last year, led by recovery in the North American retail network.

Most of the planned exit markets are in the Asia Pacific, including China, India, Australia, South Korea, Malaysia, the Philippines and Vietnam.

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