MANILA, Philippines—American banking giant Citigroup is refocusing its global operations by unwinding its consumer and retail banking businesses in several emerging markets, including the Philippines.
But Citi, one of the first foreign banks to set up shop in the country, will keep its wholesale banking operations as part of this strategic refocus.
Seeking to direct investments and resources to businesses where it has the “greatest scale and growth potential,” Citi unveiled plans to focus its global consumer bank presence in Asia and Europe, Middle East and Africa (EMEA) on four wealth centers—Singapore, Hong Kong, the UAE and London.
As a resul…
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