RIYADH: New York’s Citigroup Inc. has agreed to sell its consumer unit in Bahrain to Ahli United Bank, as it continues to exit retail banking across a number of countries.
The acquisition includes retail banking, credit card, and unsecured lending businesses, and excludes institutional businesses, Citi said in a statement.
Citigroup expects to close the transaction by the second half of this year, after which no changes will apply to the services provided to Bahraini customers.
“We are confident AUB will provide excellent opportunities for our customers and employees,” said the group’s country officer for Bahrain, Michel Sawaya.
“For Citi, this transaction will enable additional investment in our strategic focus areas, including our institutional businesses in Bahrain,” he added.
The move comes amid plans to exit operations in 13 markets, including Bahrain, Australia, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam.
This will position Citi “to capture the strong growth and attractive returns the wealth management business offers through these important hubs,” CEO Jane Fraser earlier said.
