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Citigroup likely to withdraw from consumer banking in additional countries

Citigroup is considering to move out from consumer banking operations in more countries, as part of a planned strategy to streamline operations, cut costs and boost profits.

In December 2012, the bank said that it will exit from consumer banking business in five nations including Pakistan, Paraguay, Romania, Turkey and Uruguay, as reported by Reuters.

The bank has not revealed the name of countries, where it aims to curb operations, although it said that offloading of the business will cost 11,000 jobs and result in $1.1bn annual cost savings.

Citigroup spokesman Sean Kevelighan was quoted by the news agency as saying that the bank is concentrated on main cities with the highest growth potential for its consumer business and will remain investing in its franchise.

Implementation of new capital regulations including Basel III has also forced big banks to shore up their capital base by selling international operations.