Why Did Citibank Leave Indonesia’s Retail Banking Sector?

By Editorial Team 19/04/2021
Digital bank
Summary

Citigroup Inc has decided to exit the retail banking market in 13 countries, such as Australia, Bahrain, China, India, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, Vietnam, and Indonesia. However, Citigroup will keep serving its customers in the aforementioned markets as usual.

In exchange, Citigroup will focus on consumers in Singapore, Hong Kong, United Arab Emirates, and London. In the Indonesian market, Citigroup, through Citibank Indonesia, offered credit card services.

The Chief Executive Officer (CEO) Citi Indonesia, Batara Sianturi, explained that the decision to leave Indonesia’s retail banking was Citi’s new strategy to explore new opportunities and focus on them. The refresh allows the company to offer a different and unique value proposition to its clients.

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