Citi retail units seen fetching US$6 billion as sales kick off

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Citi retail units seen fetching US$6 billion as sales kick off

The Straits Times2021-04-23

(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...

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ElPhoenix
·2021-04-23
Wowww
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- TemasekHodl:
  Wow
  2021-04-23
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schsch
·2021-04-23
pls like and comment thanks
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- cozyli:
  done..pls reply..thanks
  2021-04-23
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- schsch:
  thanks [财迷]
  2021-04-23
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- ZY91:
  Done!
  2021-04-23
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小小馒头
·2021-04-23
Please help to like and comment! Thanks!
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- DollarvanReplying to小小馒头:
  ?
  2021-04-26
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- 小小馒头:
  Thank you!
  2021-04-25
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- Dollarvan:
  Hosehbo
  2021-04-25
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dumdum
·2021-04-23
Like n comment
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- schsch:
  ok do the same
  2021-04-23
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WGSsss
·2021-04-23
Good
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HernHern
·2021-04-23
Good start
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- heximania:
  yeet
  2021-04-23
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cheekeong
·2021-04-23
Like n comments
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- HernHern:
  Ok
  2021-04-23
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- Kimoqi:
  ok
  2021-04-23
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jo88
·2021-04-23
Like and comment pls
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- cheekeong:
  Ok
  2021-04-23
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- ShenSiang:
  Okay
  2021-04-23
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IamBolt
·2021-04-23
Ok
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Qkuca
·2021-04-23
Wowza
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Lailailai
·2021-04-23
Hnmm
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- Lailailai:
  TEst
  2021-04-23
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TriciaChang
·2021-04-23
Cool.. help to like and comment ?
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- TriciaChang:
  Ok!
  2021-04-23
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- Lailailai:
  Help me too!!! I need 2 cOmments
  2021-04-23
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Still, that was chipped away by operating expenses and provisions for credit losses, which left the combined units without a profit for the year.\nFollowing the exits, Citigroup will instead operate its consumer-banking franchise in the Asia-Pacific region, Europe, the Middle East and Africa from four wealth centres in Singapore, Hong Kong, the United Arab Emirates and London.\n\"The decision to pursue exits for the other consumer businesses in these regions was of course difficult - each is a source of pride, with talented teams passionate about Citi and our customers,\" Peter Babej, CEO of Citigroup's Asia-Pacific region, said in a LinkedIn post. \"However, a comprehensive review concluded that doing right for the long term requires allocating additional resources to where we provide the most differentiated solutions to clients.\"\nA Citigroup representative declined to comment on the timing and size of the sales.\n\n\n\n\n\n\nThe sale of some of the retail businesses may be fairly complicated.\nIn Poland for example, Citigroup has a roughly 75 per cent stake in Bank Handlowy. 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For now, Citigroup is using its own internal mergers-and-acquisitions team to handle the sales.\n\"Citi's consumer bank in Australia is an attractive and profitable business, employing highly skilled and dedicated team members,\" Marc Luet, CEO for the Australia unit, said in a statement last week. \"Citi is committed to securing the best possible outcome for our employees and our customers.\"\nIn India, Citigroup's formal sales process will begin next month, according to officials with knowledge of the matter. Citigroup is seeking to sell the entire consumer portfolio in one go to a single player, the officials said. The company is the largest foreign bank in India.\nThe unit, which Citigroup established in Kolkata in 1902, has issued 2.65 million credit cards and boasts that customers spend more on its cards than those of other major issuers in the country.\nThe company's sales plans come as many of its global competitors are seeking to gain a bigger foothold in retail banking across Asia and Europe. BNP Paribas SA and HSBC Holdings have both been public about expanding in Asia. Japanese lenders including Mitsubishi UFJ Financial Group have also expressed an interest in expanding in India.\n\"While these are excellent franchises, we don't have the scale we need to compete,\" Fraser said last week. \"And we decided we simply aren't the best owners of them over the long term.\"","kind":null,"is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":376412859,"gmtCreate":1619141581371,"gmtModify":1704720257973,"author":{"id":"3576293913678893","authorId":"3576293913678893","name":"ElPhoenix","avatar":"https://static.tigerbbs.com/58fb9ba14f694ec9b03d10ee34a5e480","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3576293913678893","authorIdStr":"3576293913678893"},"htmlText":"Wowww","listText":"Wowww","text":"Wowww","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/376412859","repostId":2129348463,"repostType":4,"repost":{"id":"2129348463","pubTimestamp":1619136000,"share":"https://ttm.financial/m/news/2129348463?lang=&edition=fundamental","pubTime":"2021-04-23 08:00","market":"sg","language":"en","title":"Citi retail units seen fetching US$6 billion as sales kick off","url":"https://stock-news.laohu8.com/highlight/detail?id=2129348463","media":"The Straits Times","summary":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in","content":"<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n","source":"straits_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti retail units seen fetching US$6 billion as sales kick off\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 08:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129348463","content_text":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead with plans to fine-tune its global branch network, people familiar with the plan said.\n\n\nThe sale process for Australia is the furthest along and the preliminary interest for many of the assets has come mainly from local players, the people said, asking not to be identified as the details are private.\nExits from other markets, such as South-east Asia and Poland, are at an earlier stage, the people said.\n\n\n\n\n\n\nThe entire sales process is in its early stages, and the timeline and valuations could still change.\n\"In terms of timing, look, we're already getting going and there's no dilly-dallying here,\" Chief Executive Officer Jane Fraser told analysts on a conference call last week. \"We've begun the work.\"\nCitigroup ultimately plans to exit retail-banking operations in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam, though the lender will continue to serve corporations and private-banking clients in markets it's otherwise leaving. The moves are part of a bigger refresh of Citigroup's strategy under Fraser, who took the helm in March.\n\n\n\n\n\n\n\nThe 13 markets contributed US$4.2 billion in revenue in 2020, Citigroup told investors last week. Still, that was chipped away by operating expenses and provisions for credit losses, which left the combined units without a profit for the year.\nFollowing the exits, Citigroup will instead operate its consumer-banking franchise in the Asia-Pacific region, Europe, the Middle East and Africa from four wealth centres in Singapore, Hong Kong, the United Arab Emirates and London.\n\"The decision to pursue exits for the other consumer businesses in these regions was of course difficult - each is a source of pride, with talented teams passionate about Citi and our customers,\" Peter Babej, CEO of Citigroup's Asia-Pacific region, said in a LinkedIn post. \"However, a comprehensive review concluded that doing right for the long term requires allocating additional resources to where we provide the most differentiated solutions to clients.\"\nA Citigroup representative declined to comment on the timing and size of the sales.\n\n\n\n\n\n\nThe sale of some of the retail businesses may be fairly complicated.\nIn Poland for example, Citigroup has a roughly 75 per cent stake in Bank Handlowy. The business could fetch more than 300 million euros (US$360 million), according to a person familiar with the matter. While that sale is set to start in the coming weeks, the sale of the retail business will have to be carved out from Bank Handlowy.\nIn Taiwan, government officials have already warned they will monitor and prevent Citigroup from transferring its high-net worth clients in Taiwan to its units in Hong Kong and Singapore.\nStill, the bank has said it's already started to field bids from several interested buyers for its business in Australia. For now, Citigroup is using its own internal mergers-and-acquisitions team to handle the sales.\n\"Citi's consumer bank in Australia is an attractive and profitable business, employing highly skilled and dedicated team members,\" Marc Luet, CEO for the Australia unit, said in a statement last week. \"Citi is committed to securing the best possible outcome for our employees and our customers.\"\nIn India, Citigroup's formal sales process will begin next month, according to officials with knowledge of the matter. Citigroup is seeking to sell the entire consumer portfolio in one go to a single player, the officials said. The company is the largest foreign bank in India.\nThe unit, which Citigroup established in Kolkata in 1902, has issued 2.65 million credit cards and boasts that customers spend more on its cards than those of other major issuers in the country.\nThe company's sales plans come as many of its global competitors are seeking to gain a bigger foothold in retail banking across Asia and Europe. BNP Paribas SA and HSBC Holdings have both been public about expanding in Asia. Japanese lenders including Mitsubishi UFJ Financial Group have also expressed an interest in expanding in India.\n\"While these are excellent franchises, we don't have the scale we need to compete,\" Fraser said last week. \"And we decided we simply aren't the best owners of them over the long term.\"","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4109295,"gmtCreate":1619142558270,"gmtModify":1680785216922,"authorId":3575875627318890,"author":{"id":3575875627318890,"idStr":"3575875627318890","authorId":3575875627318890,"name":"TemasekHodl","avatar":"https://static.tigerbbs.com/daf0f0cedc45f1f983d55640fafb8b6d","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.11.06","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001},"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":376412859,"type":1,"supId":0,"prevId":0,"content":"Wow","text":"Wow","html":"Wow"}],"langContent":"EN"},{"id":376416583,"gmtCreate":1619141546742,"gmtModify":1704720257326,"author":{"id":"3575927670533252","authorId":"3575927670533252","name":"schsch","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3575927670533252","authorIdStr":"3575927670533252"},"htmlText":"pls like and comment thanks","listText":"pls like and comment thanks","text":"pls like and comment thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/376416583","repostId":2129348463,"repostType":4,"repost":{"id":"2129348463","pubTimestamp":1619136000,"share":"https://ttm.financial/m/news/2129348463?lang=&edition=fundamental","pubTime":"2021-04-23 08:00","market":"sg","language":"en","title":"Citi retail units seen fetching US$6 billion as sales kick off","url":"https://stock-news.laohu8.com/highlight/detail?id=2129348463","media":"The Straits Times","summary":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in","content":"<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n","source":"straits_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi retail units seen fetching US$6 billion as sales kick off</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti retail units seen fetching US$6 billion as sales kick off\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 08:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129348463","content_text":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead with plans to fine-tune its global branch network, people familiar with the plan said.\n\n\nThe sale process for Australia is the furthest along and the preliminary interest for many of the assets has come mainly from local players, the people said, asking not to be identified as the details are private.\nExits from other markets, such as South-east Asia and Poland, are at an earlier stage, the people said.\n\n\n\n\n\n\nThe entire sales process is in its early stages, and the timeline and valuations could still change.\n\"In terms of timing, look, we're already getting going and there's no dilly-dallying here,\" Chief Executive Officer Jane Fraser told analysts on a conference call last week. \"We've begun the work.\"\nCitigroup ultimately plans to exit retail-banking operations in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam, though the lender will continue to serve corporations and private-banking clients in markets it's otherwise leaving. The moves are part of a bigger refresh of Citigroup's strategy under Fraser, who took the helm in March.\n\n\n\n\n\n\n\nThe 13 markets contributed US$4.2 billion in revenue in 2020, Citigroup told investors last week. Still, that was chipped away by operating expenses and provisions for credit losses, which left the combined units without a profit for the year.\nFollowing the exits, Citigroup will instead operate its consumer-banking franchise in the Asia-Pacific region, Europe, the Middle East and Africa from four wealth centres in Singapore, Hong Kong, the United Arab Emirates and London.\n\"The decision to pursue exits for the other consumer businesses in these regions was of course difficult - each is a source of pride, with talented teams passionate about Citi and our customers,\" Peter Babej, CEO of Citigroup's Asia-Pacific region, said in a LinkedIn post. \"However, a comprehensive review concluded that doing right for the long term requires allocating additional resources to where we provide the most differentiated solutions to clients.\"\nA Citigroup representative declined to comment on the timing and size of the sales.\n\n\n\n\n\n\nThe sale of some of the retail businesses may be fairly complicated.\nIn Poland for example, Citigroup has a roughly 75 per cent stake in Bank Handlowy. The business could fetch more than 300 million euros (US$360 million), according to a person familiar with the matter. While that sale is set to start in the coming weeks, the sale of the retail business will have to be carved out from Bank Handlowy.\nIn Taiwan, government officials have already warned they will monitor and prevent Citigroup from transferring its high-net worth clients in Taiwan to its units in Hong Kong and Singapore.\nStill, the bank has said it's already started to field bids from several interested buyers for its business in Australia. For now, Citigroup is using its own internal mergers-and-acquisitions team to handle the sales.\n\"Citi's consumer bank in Australia is an attractive and profitable business, employing highly skilled and dedicated team members,\" Marc Luet, CEO for the Australia unit, said in a statement last week. \"Citi is committed to securing the best possible outcome for our employees and our customers.\"\nIn India, Citigroup's formal sales process will begin next month, according to officials with knowledge of the matter. Citigroup is seeking to sell the entire consumer portfolio in one go to a single player, the officials said. The company is the largest foreign bank in India.\nThe unit, which Citigroup established in Kolkata in 1902, has issued 2.65 million credit cards and boasts that customers spend more on its cards than those of other major issuers in the country.\nThe company's sales plans come as many of its global competitors are seeking to gain a bigger foothold in retail banking across Asia and Europe. BNP Paribas SA and HSBC Holdings have both been public about expanding in Asia. Japanese lenders including Mitsubishi UFJ Financial Group have also expressed an interest in expanding in India.\n\"While these are excellent franchises, we don't have the scale we need to compete,\" Fraser said last week. \"And we decided we simply aren't the best owners of them over the long term.\"","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4109265,"gmtCreate":1619142446050,"gmtModify":1680785218701,"authorId":3574167470846346,"author":{"id":3574167470846346,"idStr":"3574167470846346","authorId":3574167470846346,"name":"cozyli","avatar":"https://static.tigerbbs.com/509ef7c09d0624801748249c5a3e0117","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":376416583,"type":1,"supId":0,"prevId":0,"content":"done..pls reply..thanks","text":"done..pls reply..thanks","html":"done..pls reply..thanks"},{"id":4109301,"gmtCreate":1619142571986,"gmtModify":1680785215832,"authorId":3575927670533252,"author":{"id":3575927670533252,"idStr":"3575927670533252","authorId":3575927670533252,"name":"schsch","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":376416583,"type":1,"supId":4109265,"prevId":0,"content":"thanks [财迷]","text":"thanks [财迷]","html":"thanks [财迷]"},{"id":4109157,"gmtCreate":1619141633555,"gmtModify":1680785210011,"authorId":3562676573275376,"author":{"id":3562676573275376,"idStr":"3562676573275376","authorId":3562676573275376,"name":"ZY91","avatar":"https://static.tigerbbs.com/6d50f122ab4e33216acfea13d1173f47","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":376416583,"type":1,"supId":0,"prevId":0,"content":"Done! ","text":"Done! ","html":"Done! "}],"langContent":"EN"},{"id":376431139,"gmtCreate":1619140833621,"gmtModify":1704720238524,"author":{"id":"3580629550243320","authorId":"3580629550243320","name":"小小馒头","avatar":"https://static.tigerbbs.com/8662af09a6a7d2e9548f6a2e76832bc6","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3580629550243320","authorIdStr":"3580629550243320"},"htmlText":"Please help to like and comment! Thanks!","listText":"Please help to like and comment! Thanks!","text":"Please help to like and comment! Thanks!","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":5,"commentSize":12,"repostSize":0,"link":"https://ttm.financial/post/376431139","repostId":2129348463,"repostType":4,"repost":{"id":"2129348463","pubTimestamp":1619136000,"share":"https://ttm.financial/m/news/2129348463?lang=&edition=fundamental","pubTime":"2021-04-23 08:00","market":"sg","language":"en","title":"Citi retail units seen fetching US$6 billion as sales kick off","url":"https://stock-news.laohu8.com/highlight/detail?id=2129348463","media":"The Straits Times","summary":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in","content":"<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n","source":"straits_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi retail units seen fetching US$6 billion as sales kick off</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti retail units seen fetching US$6 billion as sales kick off\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 08:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129348463","content_text":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead with plans to fine-tune its global branch network, people familiar with the plan said.\n\n\nThe sale process for Australia is the furthest along and the preliminary interest for many of the assets has come mainly from local players, the people said, asking not to be identified as the details are private.\nExits from other markets, such as South-east Asia and Poland, are at an earlier stage, the people said.\n\n\n\n\n\n\nThe entire sales process is in its early stages, and the timeline and valuations could still change.\n\"In terms of timing, look, we're already getting going and there's no dilly-dallying here,\" Chief Executive Officer Jane Fraser told analysts on a conference call last week. \"We've begun the work.\"\nCitigroup ultimately plans to exit retail-banking operations in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam, though the lender will continue to serve corporations and private-banking clients in markets it's otherwise leaving. The moves are part of a bigger refresh of Citigroup's strategy under Fraser, who took the helm in March.\n\n\n\n\n\n\n\nThe 13 markets contributed US$4.2 billion in revenue in 2020, Citigroup told investors last week. Still, that was chipped away by operating expenses and provisions for credit losses, which left the combined units without a profit for the year.\nFollowing the exits, Citigroup will instead operate its consumer-banking franchise in the Asia-Pacific region, Europe, the Middle East and Africa from four wealth centres in Singapore, Hong Kong, the United Arab Emirates and London.\n\"The decision to pursue exits for the other consumer businesses in these regions was of course difficult - each is a source of pride, with talented teams passionate about Citi and our customers,\" Peter Babej, CEO of Citigroup's Asia-Pacific region, said in a LinkedIn post. \"However, a comprehensive review concluded that doing right for the long term requires allocating additional resources to where we provide the most differentiated solutions to clients.\"\nA Citigroup representative declined to comment on the timing and size of the sales.\n\n\n\n\n\n\nThe sale of some of the retail businesses may be fairly complicated.\nIn Poland for example, Citigroup has a roughly 75 per cent stake in Bank Handlowy. The business could fetch more than 300 million euros (US$360 million), according to a person familiar with the matter. While that sale is set to start in the coming weeks, the sale of the retail business will have to be carved out from Bank Handlowy.\nIn Taiwan, government officials have already warned they will monitor and prevent Citigroup from transferring its high-net worth clients in Taiwan to its units in Hong Kong and Singapore.\nStill, the bank has said it's already started to field bids from several interested buyers for its business in Australia. For now, Citigroup is using its own internal mergers-and-acquisitions team to handle the sales.\n\"Citi's consumer bank in Australia is an attractive and profitable business, employing highly skilled and dedicated team members,\" Marc Luet, CEO for the Australia unit, said in a statement last week. \"Citi is committed to securing the best possible outcome for our employees and our customers.\"\nIn India, Citigroup's formal sales process will begin next month, according to officials with knowledge of the matter. Citigroup is seeking to sell the entire consumer portfolio in one go to a single player, the officials said. The company is the largest foreign bank in India.\nThe unit, which Citigroup established in Kolkata in 1902, has issued 2.65 million credit cards and boasts that customers spend more on its cards than those of other major issuers in the country.\nThe company's sales plans come as many of its global competitors are seeking to gain a bigger foothold in retail banking across Asia and Europe. BNP Paribas SA and HSBC Holdings have both been public about expanding in Asia. Japanese lenders including Mitsubishi UFJ Financial Group have also expressed an interest in expanding in India.\n\"While these are excellent franchises, we don't have the scale we need to compete,\" Fraser said last week. \"And we decided we simply aren't the best owners of them over the long term.\"","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4136804,"gmtCreate":1619425764206,"gmtModify":1680785647100,"authorId":3555014251535651,"author":{"id":3555014251535651,"idStr":"3555014251535651","authorId":3555014251535651,"name":"Dollarvan","avatar":"https://static.tigerbbs.com/0316ab12b442ee2cd79936de06de5089","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-2","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Executive Tiger","description":"The transaction amount of the securities account reaches 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n comment&nbsp;","listText":"Like n comment&nbsp;","text":"Like n comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/376433390","repostId":2129348463,"repostType":4,"repost":{"id":"2129348463","pubTimestamp":1619136000,"share":"https://ttm.financial/m/news/2129348463?lang=&edition=fundamental","pubTime":"2021-04-23 08:00","market":"sg","language":"en","title":"Citi retail units seen fetching US$6 billion as sales kick off","url":"https://stock-news.laohu8.com/highlight/detail?id=2129348463","media":"The Straits Times","summary":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in","content":"<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n","source":"straits_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi retail units seen fetching US$6 billion as sales kick off</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti retail units seen fetching US$6 billion as sales kick off\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 08:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129348463","content_text":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead with plans to fine-tune its global branch network, people familiar with the plan said.\n\n\nThe sale process for Australia is the furthest along and the preliminary interest for many of the assets has come mainly from local players, the people said, asking not to be identified as the details are private.\nExits from other markets, such as South-east Asia and Poland, are at an earlier stage, the people said.\n\n\n\n\n\n\nThe entire sales process is in its early stages, and the timeline and valuations could still change.\n\"In terms of timing, look, we're already getting going and there's no dilly-dallying here,\" Chief Executive Officer Jane Fraser told analysts on a conference call last week. \"We've begun the work.\"\nCitigroup ultimately plans to exit retail-banking operations in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam, though the lender will continue to serve corporations and private-banking clients in markets it's otherwise leaving. The moves are part of a bigger refresh of Citigroup's strategy under Fraser, who took the helm in March.\n\n\n\n\n\n\n\nThe 13 markets contributed US$4.2 billion in revenue in 2020, Citigroup told investors last week. Still, that was chipped away by operating expenses and provisions for credit losses, which left the combined units without a profit for the year.\nFollowing the exits, Citigroup will instead operate its consumer-banking franchise in the Asia-Pacific region, Europe, the Middle East and Africa from four wealth centres in Singapore, Hong Kong, the United Arab Emirates and London.\n\"The decision to pursue exits for the other consumer businesses in these regions was of course difficult - each is a source of pride, with talented teams passionate about Citi and our customers,\" Peter Babej, CEO of Citigroup's Asia-Pacific region, said in a LinkedIn post. \"However, a comprehensive review concluded that doing right for the long term requires allocating additional resources to where we provide the most differentiated solutions to clients.\"\nA Citigroup representative declined to comment on the timing and size of the sales.\n\n\n\n\n\n\nThe sale of some of the retail businesses may be fairly complicated.\nIn Poland for example, Citigroup has a roughly 75 per cent stake in Bank Handlowy. The business could fetch more than 300 million euros (US$360 million), according to a person familiar with the matter. While that sale is set to start in the coming weeks, the sale of the retail business will have to be carved out from Bank Handlowy.\nIn Taiwan, government officials have already warned they will monitor and prevent Citigroup from transferring its high-net worth clients in Taiwan to its units in Hong Kong and Singapore.\nStill, the bank has said it's already started to field bids from several interested buyers for its business in Australia. For now, Citigroup is using its own internal mergers-and-acquisitions team to handle the sales.\n\"Citi's consumer bank in Australia is an attractive and profitable business, employing highly skilled and dedicated team members,\" Marc Luet, CEO for the Australia unit, said in a statement last week. \"Citi is committed to securing the best possible outcome for our employees and our customers.\"\nIn India, Citigroup's formal sales process will begin next month, according to officials with knowledge of the matter. Citigroup is seeking to sell the entire consumer portfolio in one go to a single player, the officials said. The company is the largest foreign bank in India.\nThe unit, which Citigroup established in Kolkata in 1902, has issued 2.65 million credit cards and boasts that customers spend more on its cards than those of other major issuers in the country.\nThe company's sales plans come as many of its global competitors are seeking to gain a bigger foothold in retail banking across Asia and Europe. BNP Paribas SA and HSBC Holdings have both been public about expanding in Asia. Japanese lenders including Mitsubishi UFJ Financial Group have also expressed an interest in expanding in India.\n\"While these are excellent franchises, we don't have the scale we need to compete,\" Fraser said last week. \"And we decided we simply aren't the best owners of them over the long term.\"","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4109146,"gmtCreate":1619141562012,"gmtModify":1680785210699,"authorId":3575927670533252,"author":{"id":3575927670533252,"idStr":"3575927670533252","authorId":3575927670533252,"name":"schsch","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":376433390,"type":1,"supId":0,"prevId":0,"content":"ok do the same","text":"ok do the same","html":"ok do the same"}],"langContent":"EN"},{"id":376430481,"gmtCreate":1619140683443,"gmtModify":1704720236102,"author":{"id":"3557272953214384","authorId":"3557272953214384","name":"WGSsss","avatar":"https://static.tigerbbs.com/c859daf551024a3f95b178c72e1b8354","vip":1,"crmLevel":4,"crmLevelSwitch":1,"idStr":"3557272953214384","authorIdStr":"3557272953214384"},"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/376430481","repostId":2129348463,"repostType":4,"repost":{"id":"2129348463","pubTimestamp":1619136000,"share":"https://ttm.financial/m/news/2129348463?lang=&edition=fundamental","pubTime":"2021-04-23 08:00","market":"sg","language":"en","title":"Citi retail units seen fetching US$6 billion as sales kick off","url":"https://stock-news.laohu8.com/highlight/detail?id=2129348463","media":"The Straits Times","summary":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in","content":"<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n","source":"straits_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi retail units seen fetching US$6 billion as sales kick off</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti retail units seen fetching US$6 billion as sales kick off\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 08:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129348463","content_text":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead with plans to fine-tune its global branch network, people familiar with the plan said.\n\n\nThe sale process for Australia is the furthest along and the preliminary interest for many of the assets has come mainly from local players, the people said, asking not to be identified as the details are private.\nExits from other markets, such as South-east Asia and Poland, are at an earlier stage, the people said.\n\n\n\n\n\n\nThe entire sales process is in its early stages, and the timeline and valuations could still change.\n\"In terms of timing, look, we're already getting going and there's no dilly-dallying here,\" Chief Executive Officer Jane Fraser told analysts on a conference call last week. \"We've begun the work.\"\nCitigroup ultimately plans to exit retail-banking operations in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam, though the lender will continue to serve corporations and private-banking clients in markets it's otherwise leaving. The moves are part of a bigger refresh of Citigroup's strategy under Fraser, who took the helm in March.\n\n\n\n\n\n\n\nThe 13 markets contributed US$4.2 billion in revenue in 2020, Citigroup told investors last week. Still, that was chipped away by operating expenses and provisions for credit losses, which left the combined units without a profit for the year.\nFollowing the exits, Citigroup will instead operate its consumer-banking franchise in the Asia-Pacific region, Europe, the Middle East and Africa from four wealth centres in Singapore, Hong Kong, the United Arab Emirates and London.\n\"The decision to pursue exits for the other consumer businesses in these regions was of course difficult - each is a source of pride, with talented teams passionate about Citi and our customers,\" Peter Babej, CEO of Citigroup's Asia-Pacific region, said in a LinkedIn post. \"However, a comprehensive review concluded that doing right for the long term requires allocating additional resources to where we provide the most differentiated solutions to clients.\"\nA Citigroup representative declined to comment on the timing and size of the sales.\n\n\n\n\n\n\nThe sale of some of the retail businesses may be fairly complicated.\nIn Poland for example, Citigroup has a roughly 75 per cent stake in Bank Handlowy. The business could fetch more than 300 million euros (US$360 million), according to a person familiar with the matter. While that sale is set to start in the coming weeks, the sale of the retail business will have to be carved out from Bank Handlowy.\nIn Taiwan, government officials have already warned they will monitor and prevent Citigroup from transferring its high-net worth clients in Taiwan to its units in Hong Kong and Singapore.\nStill, the bank has said it's already started to field bids from several interested buyers for its business in Australia. For now, Citigroup is using its own internal mergers-and-acquisitions team to handle the sales.\n\"Citi's consumer bank in Australia is an attractive and profitable business, employing highly skilled and dedicated team members,\" Marc Luet, CEO for the Australia unit, said in a statement last week. \"Citi is committed to securing the best possible outcome for our employees and our customers.\"\nIn India, Citigroup's formal sales process will begin next month, according to officials with knowledge of the matter. Citigroup is seeking to sell the entire consumer portfolio in one go to a single player, the officials said. The company is the largest foreign bank in India.\nThe unit, which Citigroup established in Kolkata in 1902, has issued 2.65 million credit cards and boasts that customers spend more on its cards than those of other major issuers in the country.\nThe company's sales plans come as many of its global competitors are seeking to gain a bigger foothold in retail banking across Asia and Europe. BNP Paribas SA and HSBC Holdings have both been public about expanding in Asia. Japanese lenders including Mitsubishi UFJ Financial Group have also expressed an interest in expanding in India.\n\"While these are excellent franchises, we don't have the scale we need to compete,\" Fraser said last week. \"And we decided we simply aren't the best owners of them over the long term.\"","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":376497222,"gmtCreate":1619140628766,"gmtModify":1704720234163,"author":{"id":"3576492761186891","authorId":"3576492761186891","name":"HernHern","avatar":"https://static.tigerbbs.com/aa29f3c7da56608b062745f4f54f8524","vip":1,"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":7,"crmLevelSwitch":1,"idStr":"3576492761186891","authorIdStr":"3576492761186891"},"htmlText":"Good start","listText":"Good start","text":"Good start","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/376497222","repostId":2129348463,"repostType":4,"repost":{"id":"2129348463","pubTimestamp":1619136000,"share":"https://ttm.financial/m/news/2129348463?lang=&edition=fundamental","pubTime":"2021-04-23 08:00","market":"sg","language":"en","title":"Citi retail units seen fetching US$6 billion as sales kick off","url":"https://stock-news.laohu8.com/highlight/detail?id=2129348463","media":"The Straits Times","summary":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in","content":"<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n","source":"straits_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi retail units seen fetching US$6 billion as sales kick off</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti retail units seen fetching US$6 billion as sales kick off\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 08:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129348463","content_text":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead with plans to fine-tune its global branch network, people familiar with the plan said.\n\n\nThe sale process for Australia is the furthest along and the preliminary interest for many of the assets has come mainly from local players, the people said, asking not to be identified as the details are private.\nExits from other markets, such as South-east Asia and Poland, are at an earlier stage, the people said.\n\n\n\n\n\n\nThe entire sales process is in its early stages, and the timeline and valuations could still change.\n\"In terms of timing, look, we're already getting going and there's no dilly-dallying here,\" Chief Executive Officer Jane Fraser told analysts on a conference call last week. \"We've begun the work.\"\nCitigroup ultimately plans to exit retail-banking operations in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam, though the lender will continue to serve corporations and private-banking clients in markets it's otherwise leaving. The moves are part of a bigger refresh of Citigroup's strategy under Fraser, who took the helm in March.\n\n\n\n\n\n\n\nThe 13 markets contributed US$4.2 billion in revenue in 2020, Citigroup told investors last week. Still, that was chipped away by operating expenses and provisions for credit losses, which left the combined units without a profit for the year.\nFollowing the exits, Citigroup will instead operate its consumer-banking franchise in the Asia-Pacific region, Europe, the Middle East and Africa from four wealth centres in Singapore, Hong Kong, the United Arab Emirates and London.\n\"The decision to pursue exits for the other consumer businesses in these regions was of course difficult - each is a source of pride, with talented teams passionate about Citi and our customers,\" Peter Babej, CEO of Citigroup's Asia-Pacific region, said in a LinkedIn post. \"However, a comprehensive review concluded that doing right for the long term requires allocating additional resources to where we provide the most differentiated solutions to clients.\"\nA Citigroup representative declined to comment on the timing and size of the sales.\n\n\n\n\n\n\nThe sale of some of the retail businesses may be fairly complicated.\nIn Poland for example, Citigroup has a roughly 75 per cent stake in Bank Handlowy. The business could fetch more than 300 million euros (US$360 million), according to a person familiar with the matter. While that sale is set to start in the coming weeks, the sale of the retail business will have to be carved out from Bank Handlowy.\nIn Taiwan, government officials have already warned they will monitor and prevent Citigroup from transferring its high-net worth clients in Taiwan to its units in Hong Kong and Singapore.\nStill, the bank has said it's already started to field bids from several interested buyers for its business in Australia. For now, Citigroup is using its own internal mergers-and-acquisitions team to handle the sales.\n\"Citi's consumer bank in Australia is an attractive and profitable business, employing highly skilled and dedicated team members,\" Marc Luet, CEO for the Australia unit, said in a statement last week. \"Citi is committed to securing the best possible outcome for our employees and our customers.\"\nIn India, Citigroup's formal sales process will begin next month, according to officials with knowledge of the matter. Citigroup is seeking to sell the entire consumer portfolio in one go to a single player, the officials said. The company is the largest foreign bank in India.\nThe unit, which Citigroup established in Kolkata in 1902, has issued 2.65 million credit cards and boasts that customers spend more on its cards than those of other major issuers in the country.\nThe company's sales plans come as many of its global competitors are seeking to gain a bigger foothold in retail banking across Asia and Europe. BNP Paribas SA and HSBC Holdings have both been public about expanding in Asia. Japanese lenders including Mitsubishi UFJ Financial Group have also expressed an interest in expanding in India.\n\"While these are excellent franchises, we don't have the scale we need to compete,\" Fraser said last week. \"And we decided we simply aren't the best owners of them over the long term.\"","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4111451,"gmtCreate":1619160033887,"gmtModify":1680785250593,"authorId":3581984444466168,"author":{"id":3581984444466168,"idStr":"3581984444466168","authorId":3581984444466168,"name":"heximania","avatar":"https://static.tigerbbs.com/bd86363b09433494d0d0ca373221939c","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":376497222,"type":1,"supId":0,"prevId":0,"content":"yeet","text":"yeet","html":"yeet"}],"langContent":"EN"},{"id":376496517,"gmtCreate":1619140434239,"gmtModify":1704720229449,"author":{"id":"3569750028742479","authorId":"3569750028742479","name":"cheekeong","avatar":"https://static.tigerbbs.com/064e35722748144f5c935ee80c48733c","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3569750028742479","authorIdStr":"3569750028742479"},"htmlText":"Like n comments&nbsp;","listText":"Like n comments&nbsp;","text":"Like n comments","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/376496517","repostId":2129348463,"repostType":4,"repost":{"id":"2129348463","pubTimestamp":1619136000,"share":"https://ttm.financial/m/news/2129348463?lang=&edition=fundamental","pubTime":"2021-04-23 08:00","market":"sg","language":"en","title":"Citi retail units seen fetching US$6 billion as sales kick off","url":"https://stock-news.laohu8.com/highlight/detail?id=2129348463","media":"The Straits Times","summary":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in","content":"<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n","source":"straits_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi retail units seen fetching US$6 billion as sales kick off</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti retail units seen fetching US$6 billion as sales kick off\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 08:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129348463","content_text":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead with plans to fine-tune its global branch network, people familiar with the plan said.\n\n\nThe sale process for Australia is the furthest along and the preliminary interest for many of the assets has come mainly from local players, the people said, asking not to be identified as the details are private.\nExits from other markets, such as South-east Asia and Poland, are at an earlier stage, the people said.\n\n\n\n\n\n\nThe entire sales process is in its early stages, and the timeline and valuations could still change.\n\"In terms of timing, look, we're already getting going and there's no dilly-dallying here,\" Chief Executive Officer Jane Fraser told analysts on a conference call last week. \"We've begun the work.\"\nCitigroup ultimately plans to exit retail-banking operations in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam, though the lender will continue to serve corporations and private-banking clients in markets it's otherwise leaving. The moves are part of a bigger refresh of Citigroup's strategy under Fraser, who took the helm in March.\n\n\n\n\n\n\n\nThe 13 markets contributed US$4.2 billion in revenue in 2020, Citigroup told investors last week. Still, that was chipped away by operating expenses and provisions for credit losses, which left the combined units without a profit for the year.\nFollowing the exits, Citigroup will instead operate its consumer-banking franchise in the Asia-Pacific region, Europe, the Middle East and Africa from four wealth centres in Singapore, Hong Kong, the United Arab Emirates and London.\n\"The decision to pursue exits for the other consumer businesses in these regions was of course difficult - each is a source of pride, with talented teams passionate about Citi and our customers,\" Peter Babej, CEO of Citigroup's Asia-Pacific region, said in a LinkedIn post. \"However, a comprehensive review concluded that doing right for the long term requires allocating additional resources to where we provide the most differentiated solutions to clients.\"\nA Citigroup representative declined to comment on the timing and size of the sales.\n\n\n\n\n\n\nThe sale of some of the retail businesses may be fairly complicated.\nIn Poland for example, Citigroup has a roughly 75 per cent stake in Bank Handlowy. The business could fetch more than 300 million euros (US$360 million), according to a person familiar with the matter. While that sale is set to start in the coming weeks, the sale of the retail business will have to be carved out from Bank Handlowy.\nIn Taiwan, government officials have already warned they will monitor and prevent Citigroup from transferring its high-net worth clients in Taiwan to its units in Hong Kong and Singapore.\nStill, the bank has said it's already started to field bids from several interested buyers for its business in Australia. For now, Citigroup is using its own internal mergers-and-acquisitions team to handle the sales.\n\"Citi's consumer bank in Australia is an attractive and profitable business, employing highly skilled and dedicated team members,\" Marc Luet, CEO for the Australia unit, said in a statement last week. \"Citi is committed to securing the best possible outcome for our employees and our customers.\"\nIn India, Citigroup's formal sales process will begin next month, according to officials with knowledge of the matter. Citigroup is seeking to sell the entire consumer portfolio in one go to a single player, the officials said. The company is the largest foreign bank in India.\nThe unit, which Citigroup established in Kolkata in 1902, has issued 2.65 million credit cards and boasts that customers spend more on its cards than those of other major issuers in the country.\nThe company's sales plans come as many of its global competitors are seeking to gain a bigger foothold in retail banking across Asia and Europe. BNP Paribas SA and HSBC Holdings have both been public about expanding in Asia. Japanese lenders including Mitsubishi UFJ Financial Group have also expressed an interest in expanding in India.\n\"While these are excellent franchises, we don't have the scale we need to compete,\" Fraser said last week. \"And we decided we simply aren't the best owners of them over the long term.\"","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4108968,"gmtCreate":1619140666488,"gmtModify":1680785207105,"authorId":3576492761186891,"author":{"id":3576492761186891,"idStr":"3576492761186891","authorId":3576492761186891,"name":"HernHern","avatar":"https://static.tigerbbs.com/aa29f3c7da56608b062745f4f54f8524","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-3","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"President Tiger","description":"The transaction amount of the securities account reaches $1,000,000","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.07.13","exceedPercentage":"93.42%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":7,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":376496517,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"},{"id":4108967,"gmtCreate":1619140663168,"gmtModify":1680785205232,"authorId":3579307827566708,"author":{"id":3579307827566708,"idStr":"3579307827566708","authorId":3579307827566708,"name":"Kimoqi","avatar":"https://static.tigerbbs.com/4a75a25c05f3caeb1708eff0d5b7effc","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":376496517,"type":1,"supId":0,"prevId":0,"content":"<u>ok</u>","text":"<u>ok</u>","html":"<u>ok</u>"}],"langContent":"EN"},{"id":376402599,"gmtCreate":1619139954811,"gmtModify":1704720218210,"author":{"id":"3555382377663213","authorId":"3555382377663213","name":"jo88","avatar":"https://static.tigerbbs.com/3f3f7cfe71e85f286a9274876c16ebf2","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3555382377663213","authorIdStr":"3555382377663213"},"htmlText":"Like and comment pls","listText":"Like and comment pls","text":"Like and comment pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/376402599","repostId":2129348463,"repostType":4,"repost":{"id":"2129348463","pubTimestamp":1619136000,"share":"https://ttm.financial/m/news/2129348463?lang=&edition=fundamental","pubTime":"2021-04-23 08:00","market":"sg","language":"en","title":"Citi retail units seen fetching US$6 billion as sales kick off","url":"https://stock-news.laohu8.com/highlight/detail?id=2129348463","media":"The Straits Times","summary":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in","content":"<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n","source":"straits_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi retail units seen fetching US$6 billion as sales kick off</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti retail units seen fetching US$6 billion as sales kick off\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 08:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129348463","content_text":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead with plans to fine-tune its global branch network, people familiar with the plan said.\n\n\nThe sale process for Australia is the furthest along and the preliminary interest for many of the assets has come mainly from local players, the people said, asking not to be identified as the details are private.\nExits from other markets, such as South-east Asia and Poland, are at an earlier stage, the people said.\n\n\n\n\n\n\nThe entire sales process is in its early stages, and the timeline and valuations could still change.\n\"In terms of timing, look, we're already getting going and there's no dilly-dallying here,\" Chief Executive Officer Jane Fraser told analysts on a conference call last week. \"We've begun the work.\"\nCitigroup ultimately plans to exit retail-banking operations in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam, though the lender will continue to serve corporations and private-banking clients in markets it's otherwise leaving. The moves are part of a bigger refresh of Citigroup's strategy under Fraser, who took the helm in March.\n\n\n\n\n\n\n\nThe 13 markets contributed US$4.2 billion in revenue in 2020, Citigroup told investors last week. Still, that was chipped away by operating expenses and provisions for credit losses, which left the combined units without a profit for the year.\nFollowing the exits, Citigroup will instead operate its consumer-banking franchise in the Asia-Pacific region, Europe, the Middle East and Africa from four wealth centres in Singapore, Hong Kong, the United Arab Emirates and London.\n\"The decision to pursue exits for the other consumer businesses in these regions was of course difficult - each is a source of pride, with talented teams passionate about Citi and our customers,\" Peter Babej, CEO of Citigroup's Asia-Pacific region, said in a LinkedIn post. \"However, a comprehensive review concluded that doing right for the long term requires allocating additional resources to where we provide the most differentiated solutions to clients.\"\nA Citigroup representative declined to comment on the timing and size of the sales.\n\n\n\n\n\n\nThe sale of some of the retail businesses may be fairly complicated.\nIn Poland for example, Citigroup has a roughly 75 per cent stake in Bank Handlowy. The business could fetch more than 300 million euros (US$360 million), according to a person familiar with the matter. While that sale is set to start in the coming weeks, the sale of the retail business will have to be carved out from Bank Handlowy.\nIn Taiwan, government officials have already warned they will monitor and prevent Citigroup from transferring its high-net worth clients in Taiwan to its units in Hong Kong and Singapore.\nStill, the bank has said it's already started to field bids from several interested buyers for its business in Australia. For now, Citigroup is using its own internal mergers-and-acquisitions team to handle the sales.\n\"Citi's consumer bank in Australia is an attractive and profitable business, employing highly skilled and dedicated team members,\" Marc Luet, CEO for the Australia unit, said in a statement last week. \"Citi is committed to securing the best possible outcome for our employees and our customers.\"\nIn India, Citigroup's formal sales process will begin next month, according to officials with knowledge of the matter. Citigroup is seeking to sell the entire consumer portfolio in one go to a single player, the officials said. The company is the largest foreign bank in India.\nThe unit, which Citigroup established in Kolkata in 1902, has issued 2.65 million credit cards and boasts that customers spend more on its cards than those of other major issuers in the country.\nThe company's sales plans come as many of its global competitors are seeking to gain a bigger foothold in retail banking across Asia and Europe. BNP Paribas SA and HSBC Holdings have both been public about expanding in Asia. Japanese lenders including Mitsubishi UFJ Financial Group have also expressed an interest in expanding in India.\n\"While these are excellent franchises, we don't have the scale we need to compete,\" Fraser said last week. \"And we decided we simply aren't the best owners of them over the long term.\"","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4108896,"gmtCreate":1619140446398,"gmtModify":1680785210830,"authorId":3569750028742479,"author":{"id":3569750028742479,"idStr":"3569750028742479","authorId":3569750028742479,"name":"cheekeong","avatar":"https://static.tigerbbs.com/064e35722748144f5c935ee80c48733c","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":376402599,"type":1,"supId":0,"prevId":0,"content":"<u>Ok</u>","text":"<u>Ok</u>","html":"<u>Ok</u>"},{"id":4108795,"gmtCreate":1619140039794,"gmtModify":1680785207300,"authorId":3571199921041604,"author":{"id":3571199921041604,"idStr":"3571199921041604","authorId":3571199921041604,"name":"ShenSiang","avatar":"https://static.tigerbbs.com/1f4f1e93da6d6ca9664728e4cfc578bb","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":376402599,"type":1,"supId":0,"prevId":0,"content":"Okay","text":"Okay","html":"Okay"}],"langContent":"EN"},{"id":376408988,"gmtCreate":1619139847144,"gmtModify":1704720214313,"author":{"id":"3577616645019427","authorId":"3577616645019427","name":"IamBolt","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3577616645019427","authorIdStr":"3577616645019427"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/376408988","repostId":2129348463,"repostType":4,"repost":{"id":"2129348463","pubTimestamp":1619136000,"share":"https://ttm.financial/m/news/2129348463?lang=&edition=fundamental","pubTime":"2021-04-23 08:00","market":"sg","language":"en","title":"Citi retail units seen fetching US$6 billion as sales kick off","url":"https://stock-news.laohu8.com/highlight/detail?id=2129348463","media":"The Straits Times","summary":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in","content":"<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n","source":"straits_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi retail units seen fetching US$6 billion as sales kick off</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti retail units seen fetching US$6 billion as sales kick off\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 08:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129348463","content_text":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead with plans to fine-tune its global branch network, people familiar with the plan said.\n\n\nThe sale process for Australia is the furthest along and the preliminary interest for many of the assets has come mainly from local players, the people said, asking not to be identified as the details are private.\nExits from other markets, such as South-east Asia and Poland, are at an earlier stage, the people said.\n\n\n\n\n\n\nThe entire sales process is in its early stages, and the timeline and valuations could still change.\n\"In terms of timing, look, we're already getting going and there's no dilly-dallying here,\" Chief Executive Officer Jane Fraser told analysts on a conference call last week. \"We've begun the work.\"\nCitigroup ultimately plans to exit retail-banking operations in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam, though the lender will continue to serve corporations and private-banking clients in markets it's otherwise leaving. The moves are part of a bigger refresh of Citigroup's strategy under Fraser, who took the helm in March.\n\n\n\n\n\n\n\nThe 13 markets contributed US$4.2 billion in revenue in 2020, Citigroup told investors last week. Still, that was chipped away by operating expenses and provisions for credit losses, which left the combined units without a profit for the year.\nFollowing the exits, Citigroup will instead operate its consumer-banking franchise in the Asia-Pacific region, Europe, the Middle East and Africa from four wealth centres in Singapore, Hong Kong, the United Arab Emirates and London.\n\"The decision to pursue exits for the other consumer businesses in these regions was of course difficult - each is a source of pride, with talented teams passionate about Citi and our customers,\" Peter Babej, CEO of Citigroup's Asia-Pacific region, said in a LinkedIn post. \"However, a comprehensive review concluded that doing right for the long term requires allocating additional resources to where we provide the most differentiated solutions to clients.\"\nA Citigroup representative declined to comment on the timing and size of the sales.\n\n\n\n\n\n\nThe sale of some of the retail businesses may be fairly complicated.\nIn Poland for example, Citigroup has a roughly 75 per cent stake in Bank Handlowy. The business could fetch more than 300 million euros (US$360 million), according to a person familiar with the matter. While that sale is set to start in the coming weeks, the sale of the retail business will have to be carved out from Bank Handlowy.\nIn Taiwan, government officials have already warned they will monitor and prevent Citigroup from transferring its high-net worth clients in Taiwan to its units in Hong Kong and Singapore.\nStill, the bank has said it's already started to field bids from several interested buyers for its business in Australia. For now, Citigroup is using its own internal mergers-and-acquisitions team to handle the sales.\n\"Citi's consumer bank in Australia is an attractive and profitable business, employing highly skilled and dedicated team members,\" Marc Luet, CEO for the Australia unit, said in a statement last week. \"Citi is committed to securing the best possible outcome for our employees and our customers.\"\nIn India, Citigroup's formal sales process will begin next month, according to officials with knowledge of the matter. Citigroup is seeking to sell the entire consumer portfolio in one go to a single player, the officials said. The company is the largest foreign bank in India.\nThe unit, which Citigroup established in Kolkata in 1902, has issued 2.65 million credit cards and boasts that customers spend more on its cards than those of other major issuers in the country.\nThe company's sales plans come as many of its global competitors are seeking to gain a bigger foothold in retail banking across Asia and Europe. BNP Paribas SA and HSBC Holdings have both been public about expanding in Asia. Japanese lenders including Mitsubishi UFJ Financial Group have also expressed an interest in expanding in India.\n\"While these are excellent franchises, we don't have the scale we need to compete,\" Fraser said last week. \"And we decided we simply aren't the best owners of them over the long term.\"","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":376403270,"gmtCreate":1619139721090,"gmtModify":1704720213019,"author":{"id":"3581385014673304","authorId":"3581385014673304","name":"Qkuca","avatar":"https://static.tigerbbs.com/69a0785cbfa53d9d0452a1870c401782","vip":1,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":5,"crmLevelSwitch":0,"idStr":"3581385014673304","authorIdStr":"3581385014673304"},"htmlText":"Wowza&nbsp;","listText":"Wowza&nbsp;","text":"Wowza","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/376403270","repostId":2129348463,"repostType":4,"repost":{"id":"2129348463","pubTimestamp":1619136000,"share":"https://ttm.financial/m/news/2129348463?lang=&edition=fundamental","pubTime":"2021-04-23 08:00","market":"sg","language":"en","title":"Citi retail units seen fetching US$6 billion as sales kick off","url":"https://stock-news.laohu8.com/highlight/detail?id=2129348463","media":"The Straits Times","summary":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in","content":"<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n","source":"straits_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi retail units seen fetching US$6 billion as sales kick off</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti retail units seen fetching US$6 billion as sales kick off\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 08:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129348463","content_text":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead with plans to fine-tune its global branch network, people familiar with the plan said.\n\n\nThe sale process for Australia is the furthest along and the preliminary interest for many of the assets has come mainly from local players, the people said, asking not to be identified as the details are private.\nExits from other markets, such as South-east Asia and Poland, are at an earlier stage, the people said.\n\n\n\n\n\n\nThe entire sales process is in its early stages, and the timeline and valuations could still change.\n\"In terms of timing, look, we're already getting going and there's no dilly-dallying here,\" Chief Executive Officer Jane Fraser told analysts on a conference call last week. \"We've begun the work.\"\nCitigroup ultimately plans to exit retail-banking operations in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam, though the lender will continue to serve corporations and private-banking clients in markets it's otherwise leaving. The moves are part of a bigger refresh of Citigroup's strategy under Fraser, who took the helm in March.\n\n\n\n\n\n\n\nThe 13 markets contributed US$4.2 billion in revenue in 2020, Citigroup told investors last week. Still, that was chipped away by operating expenses and provisions for credit losses, which left the combined units without a profit for the year.\nFollowing the exits, Citigroup will instead operate its consumer-banking franchise in the Asia-Pacific region, Europe, the Middle East and Africa from four wealth centres in Singapore, Hong Kong, the United Arab Emirates and London.\n\"The decision to pursue exits for the other consumer businesses in these regions was of course difficult - each is a source of pride, with talented teams passionate about Citi and our customers,\" Peter Babej, CEO of Citigroup's Asia-Pacific region, said in a LinkedIn post. \"However, a comprehensive review concluded that doing right for the long term requires allocating additional resources to where we provide the most differentiated solutions to clients.\"\nA Citigroup representative declined to comment on the timing and size of the sales.\n\n\n\n\n\n\nThe sale of some of the retail businesses may be fairly complicated.\nIn Poland for example, Citigroup has a roughly 75 per cent stake in Bank Handlowy. The business could fetch more than 300 million euros (US$360 million), according to a person familiar with the matter. While that sale is set to start in the coming weeks, the sale of the retail business will have to be carved out from Bank Handlowy.\nIn Taiwan, government officials have already warned they will monitor and prevent Citigroup from transferring its high-net worth clients in Taiwan to its units in Hong Kong and Singapore.\nStill, the bank has said it's already started to field bids from several interested buyers for its business in Australia. For now, Citigroup is using its own internal mergers-and-acquisitions team to handle the sales.\n\"Citi's consumer bank in Australia is an attractive and profitable business, employing highly skilled and dedicated team members,\" Marc Luet, CEO for the Australia unit, said in a statement last week. \"Citi is committed to securing the best possible outcome for our employees and our customers.\"\nIn India, Citigroup's formal sales process will begin next month, according to officials with knowledge of the matter. Citigroup is seeking to sell the entire consumer portfolio in one go to a single player, the officials said. The company is the largest foreign bank in India.\nThe unit, which Citigroup established in Kolkata in 1902, has issued 2.65 million credit cards and boasts that customers spend more on its cards than those of other major issuers in the country.\nThe company's sales plans come as many of its global competitors are seeking to gain a bigger foothold in retail banking across Asia and Europe. BNP Paribas SA and HSBC Holdings have both been public about expanding in Asia. Japanese lenders including Mitsubishi UFJ Financial Group have also expressed an interest in expanding in India.\n\"While these are excellent franchises, we don't have the scale we need to compete,\" Fraser said last week. \"And we decided we simply aren't the best owners of them over the long term.\"","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":376403001,"gmtCreate":1619139641703,"gmtModify":1704720212041,"author":{"id":"3571302514057319","authorId":"3571302514057319","name":"Lailailai","avatar":"https://static.tigerbbs.com/c27cb3580fc538fd97b8bb476e98995b","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3571302514057319","authorIdStr":"3571302514057319"},"htmlText":"Hnmm","listText":"Hnmm","text":"Hnmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/376403001","repostId":2129348463,"repostType":4,"repost":{"id":"2129348463","pubTimestamp":1619136000,"share":"https://ttm.financial/m/news/2129348463?lang=&edition=fundamental","pubTime":"2021-04-23 08:00","market":"sg","language":"en","title":"Citi retail units seen fetching US$6 billion as sales kick off","url":"https://stock-news.laohu8.com/highlight/detail?id=2129348463","media":"The Straits Times","summary":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in","content":"<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n","source":"straits_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi retail units seen fetching US$6 billion as sales kick off</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti retail units seen fetching US$6 billion as sales kick off\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 08:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129348463","content_text":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead with plans to fine-tune its global branch network, people familiar with the plan said.\n\n\nThe sale process for Australia is the furthest along and the preliminary interest for many of the assets has come mainly from local players, the people said, asking not to be identified as the details are private.\nExits from other markets, such as South-east Asia and Poland, are at an earlier stage, the people said.\n\n\n\n\n\n\nThe entire sales process is in its early stages, and the timeline and valuations could still change.\n\"In terms of timing, look, we're already getting going and there's no dilly-dallying here,\" Chief Executive Officer Jane Fraser told analysts on a conference call last week. \"We've begun the work.\"\nCitigroup ultimately plans to exit retail-banking operations in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam, though the lender will continue to serve corporations and private-banking clients in markets it's otherwise leaving. The moves are part of a bigger refresh of Citigroup's strategy under Fraser, who took the helm in March.\n\n\n\n\n\n\n\nThe 13 markets contributed US$4.2 billion in revenue in 2020, Citigroup told investors last week. Still, that was chipped away by operating expenses and provisions for credit losses, which left the combined units without a profit for the year.\nFollowing the exits, Citigroup will instead operate its consumer-banking franchise in the Asia-Pacific region, Europe, the Middle East and Africa from four wealth centres in Singapore, Hong Kong, the United Arab Emirates and London.\n\"The decision to pursue exits for the other consumer businesses in these regions was of course difficult - each is a source of pride, with talented teams passionate about Citi and our customers,\" Peter Babej, CEO of Citigroup's Asia-Pacific region, said in a LinkedIn post. \"However, a comprehensive review concluded that doing right for the long term requires allocating additional resources to where we provide the most differentiated solutions to clients.\"\nA Citigroup representative declined to comment on the timing and size of the sales.\n\n\n\n\n\n\nThe sale of some of the retail businesses may be fairly complicated.\nIn Poland for example, Citigroup has a roughly 75 per cent stake in Bank Handlowy. The business could fetch more than 300 million euros (US$360 million), according to a person familiar with the matter. While that sale is set to start in the coming weeks, the sale of the retail business will have to be carved out from Bank Handlowy.\nIn Taiwan, government officials have already warned they will monitor and prevent Citigroup from transferring its high-net worth clients in Taiwan to its units in Hong Kong and Singapore.\nStill, the bank has said it's already started to field bids from several interested buyers for its business in Australia. For now, Citigroup is using its own internal mergers-and-acquisitions team to handle the sales.\n\"Citi's consumer bank in Australia is an attractive and profitable business, employing highly skilled and dedicated team members,\" Marc Luet, CEO for the Australia unit, said in a statement last week. \"Citi is committed to securing the best possible outcome for our employees and our customers.\"\nIn India, Citigroup's formal sales process will begin next month, according to officials with knowledge of the matter. Citigroup is seeking to sell the entire consumer portfolio in one go to a single player, the officials said. The company is the largest foreign bank in India.\nThe unit, which Citigroup established in Kolkata in 1902, has issued 2.65 million credit cards and boasts that customers spend more on its cards than those of other major issuers in the country.\nThe company's sales plans come as many of its global competitors are seeking to gain a bigger foothold in retail banking across Asia and Europe. BNP Paribas SA and HSBC Holdings have both been public about expanding in Asia. Japanese lenders including Mitsubishi UFJ Financial Group have also expressed an interest in expanding in India.\n\"While these are excellent franchises, we don't have the scale we need to compete,\" Fraser said last week. \"And we decided we simply aren't the best owners of them over the long term.\"","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4108712,"gmtCreate":1619139676235,"gmtModify":1680785209929,"authorId":3571302514057319,"author":{"id":3571302514057319,"idStr":"3571302514057319","authorId":3571302514057319,"name":"Lailailai","avatar":"https://static.tigerbbs.com/c27cb3580fc538fd97b8bb476e98995b","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":376403001,"type":1,"supId":0,"prevId":0,"content":"TEst","text":"TEst","html":"TEst"}],"langContent":"EN"},{"id":376577707,"gmtCreate":1619139519709,"gmtModify":1704720208642,"author":{"id":"3560421500323385","authorId":"3560421500323385","name":"TriciaChang","avatar":"https://static.tigerbbs.com/5cb6619edb253a8bb8b2776c7d9b0e02","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3560421500323385","authorIdStr":"3560421500323385"},"htmlText":"Cool.. help to like and comment ?","listText":"Cool.. help to like and comment ?","text":"Cool.. help to like and comment ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/376577707","repostId":2129348463,"repostType":4,"repost":{"id":"2129348463","pubTimestamp":1619136000,"share":"https://ttm.financial/m/news/2129348463?lang=&edition=fundamental","pubTime":"2021-04-23 08:00","market":"sg","language":"en","title":"Citi retail units seen fetching US$6 billion as sales kick off","url":"https://stock-news.laohu8.com/highlight/detail?id=2129348463","media":"The Straits Times","summary":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in","content":"<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n","source":"straits_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citi retail units seen fetching US$6 billion as sales kick off</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCiti retail units seen fetching US$6 billion as sales kick off\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-23 08:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead ...</p>\n\n<a href=\"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"http://www.straitstimes.com/business/banking/citi-retail-units-seen-fetching-us6-billion-as-sales-kick-off","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2129348463","content_text":"(BLOOMBERG)- Citigroup could fetch as much as US$6 billion from the sale of retail banking assets in 13 markets across the Asia-Pacific region, Europe and the Middle East as the lender forges ahead with plans to fine-tune its global branch network, people familiar with the plan said.\n\n\nThe sale process for Australia is the furthest along and the preliminary interest for many of the assets has come mainly from local players, the people said, asking not to be identified as the details are private.\nExits from other markets, such as South-east Asia and Poland, are at an earlier stage, the people said.\n\n\n\n\n\n\nThe entire sales process is in its early stages, and the timeline and valuations could still change.\n\"In terms of timing, look, we're already getting going and there's no dilly-dallying here,\" Chief Executive Officer Jane Fraser told analysts on a conference call last week. \"We've begun the work.\"\nCitigroup ultimately plans to exit retail-banking operations in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam, though the lender will continue to serve corporations and private-banking clients in markets it's otherwise leaving. The moves are part of a bigger refresh of Citigroup's strategy under Fraser, who took the helm in March.\n\n\n\n\n\n\n\nThe 13 markets contributed US$4.2 billion in revenue in 2020, Citigroup told investors last week. Still, that was chipped away by operating expenses and provisions for credit losses, which left the combined units without a profit for the year.\nFollowing the exits, Citigroup will instead operate its consumer-banking franchise in the Asia-Pacific region, Europe, the Middle East and Africa from four wealth centres in Singapore, Hong Kong, the United Arab Emirates and London.\n\"The decision to pursue exits for the other consumer businesses in these regions was of course difficult - each is a source of pride, with talented teams passionate about Citi and our customers,\" Peter Babej, CEO of Citigroup's Asia-Pacific region, said in a LinkedIn post. \"However, a comprehensive review concluded that doing right for the long term requires allocating additional resources to where we provide the most differentiated solutions to clients.\"\nA Citigroup representative declined to comment on the timing and size of the sales.\n\n\n\n\n\n\nThe sale of some of the retail businesses may be fairly complicated.\nIn Poland for example, Citigroup has a roughly 75 per cent stake in Bank Handlowy. The business could fetch more than 300 million euros (US$360 million), according to a person familiar with the matter. While that sale is set to start in the coming weeks, the sale of the retail business will have to be carved out from Bank Handlowy.\nIn Taiwan, government officials have already warned they will monitor and prevent Citigroup from transferring its high-net worth clients in Taiwan to its units in Hong Kong and Singapore.\nStill, the bank has said it's already started to field bids from several interested buyers for its business in Australia. For now, Citigroup is using its own internal mergers-and-acquisitions team to handle the sales.\n\"Citi's consumer bank in Australia is an attractive and profitable business, employing highly skilled and dedicated team members,\" Marc Luet, CEO for the Australia unit, said in a statement last week. \"Citi is committed to securing the best possible outcome for our employees and our customers.\"\nIn India, Citigroup's formal sales process will begin next month, according to officials with knowledge of the matter. Citigroup is seeking to sell the entire consumer portfolio in one go to a single player, the officials said. The company is the largest foreign bank in India.\nThe unit, which Citigroup established in Kolkata in 1902, has issued 2.65 million credit cards and boasts that customers spend more on its cards than those of other major issuers in the country.\nThe company's sales plans come as many of its global competitors are seeking to gain a bigger foothold in retail banking across Asia and Europe. BNP Paribas SA and HSBC Holdings have both been public about expanding in Asia. Japanese lenders including Mitsubishi UFJ Financial Group have also expressed an interest in expanding in India.\n\"While these are excellent franchises, we don't have the scale we need to compete,\" Fraser said last week. \"And we decided we simply aren't the best owners of them over the long term.\"","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4109786,"gmtCreate":1619145289165,"gmtModify":1680785223133,"authorId":3560421500323385,"author":{"id":3560421500323385,"idStr":"3560421500323385","authorId":3560421500323385,"name":"TriciaChang","avatar":"https://static.tigerbbs.com/5cb6619edb253a8bb8b2776c7d9b0e02","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":376577707,"type":1,"supId":0,"prevId":0,"content":"Ok!","text":"Ok!","html":"Ok!"},{"id":4108709,"gmtCreate":1619139669786,"gmtModify":1680785210304,"authorId":3571302514057319,"author":{"id":3571302514057319,"idStr":"3571302514057319","authorId":3571302514057319,"name":"Lailailai","avatar":"https://static.tigerbbs.com/c27cb3580fc538fd97b8bb476e98995b","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":376577707,"type":1,"supId":0,"prevId":0,"content":"Help me too!!! I need 2 cOmments","text":"Help me too!!! I need 2 cOmments","html":"Help me too!!! I need 2 cOmments"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":64,"commentSize":12,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}