This move is designed to cluster its EMEA consumer operations in Asia.
According to an internal memo, Citigroup is in the process of merging its consumer banking unit in Europe, Middle East and Africa (EMEA), its largest region for profits, outside North America.
According to a source with direct knowledge of the matter at hand, this strategic move will consolidate its banking revenues streams from five different countries including, the UK, Russia, UAE, Poland and Bahrain with its revenue streams generated in Asia.
James Griffiths, Citigroup’s spokesman in Hong Kong, has 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.
He went on to add, “The integration is designed to enable us to operate more efficiently and effectively.”
Once this change becomes operational, Asia will manage Citigroup’s business in 17 countries. As per its previous year’s records, Asia contributed a fifth of its banking proits.
Citigroup has consumer business interests in 19 countries globally.
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