Citi said that its UK retail bank includes a single branch in Canary Wharf, London, and the proposed winding down would have no material impact on its finances
Citibank branch on Michigan Avenue in Chicago. (Credit: TonyTheTiger/Wikipedia)
Citi is preparing to wind down its retail banking business in the UK to focus on personal banking and wealth management services offered to select wealth clients.
The company said that the UK is one of its strategic wealth hubs and is a significant global hub for its institutional business.
It had asked a few of its retail clients to make use of its private banking services and promised to support those clients who wish to move to a different provider.
Citi, in its statement, said: “This proposal would enable Citi to focus on clients requiring comprehensive advice on managing their wealth and would benefit from Citi’s key strengths in private banking and investment services.
“Clients of Citi’s UK retail bank who meet this profile would be invited to make use of Citi’s private banking services, where they would enjoy the benefits of a broader product range and more bespoke service, including transaction banking.
Citi said that its UK retail bank includes a single branch in Canary Wharf, London.
The proposed winding down would have no material impact on its finances, said the company.
It expects that majority of clients would not be affected until 2023 and aims to carry out all account closures as per the relevant regulatory requirements.
Citi said that it has started the process of detailed consulting with employees of its UK retail bank, in relation to the proposed wind-down.
The announcement follows the lender’s decision to divest Citibanamex, its consumer banking business in Mexico, ending its 20 years of presence in the country.
Citi then said that it will continue to run a locally licensed banking business in Mexico through its global Institutional Clients Group.