New-York-based Citigroup’s consumer banking division is set to exit from 11 foreign markets.
As part of this move, Citigroup plans to shut down its retail banking business in Costa Rica, the Czech Republic, Egypt, El Salvador, Guam, Guatemala, Hungary, Japan, Nicaragua, Panama and Peru, as well as also plans to exit its consumer finance business in Korea.
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The sale of these businesses are expected to be completed by 2015 end, following which the retail banking reach of the bank will reduce to 24 countries from 35.
At the same time, the group announced 6.6% escalation in its third quarter earnings.
Citigroup’s witnessed a profit of $3.44bn as against earnings of $3.23bn last year, with revenue growth of 9.5% to $19.6bn.
Weaker refinancing activity took a toll on the group’s home lending business, leading to a 51% fall in mortgage originations compared to the same period the previous year but increased 15% compared to the second quarter.
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By GlobalDataThe consumer banking unit booked revenue of $9.64bn in total, which is a rise of 4.4%.
