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Citigroup merges EMEA, Asia consumer banking businesses: internal memo
[HONG KONG] Citigroup is merging its consumer banking unit in Europe, Middle East and Africa (EMEA) with Asia, the largest region for profit for the business outside North America, according to an internal memo seen by Reuters on Thursday.
The move, which will see consumer banking revenues from five countries - Bahrain, Poland, Russia, the United Arab Emirates and the United Kingdom - getting consolidated with Asia, will not have any impact on headcounts in EMEA or in Asia, said a person with direct knowledge of the matter.
James Griffiths, a spokesman for Citigroup in Hong Kong, confirmed the contents of the memo.
"As part of ongoing efforts to become a leaner, simpler organization, Citi's EMEA consumer cluster will now be managed by its Asia consumer franchise," he said. "The integration is designed to enable us to operate more efficiently and effectively," he said.
With this change, Asia, which contributed a fifth of Citigroup's global consumer banking profit last year, will manage the group's business in 17 countries. The bank has consumer banking business in 19 countries globally.