Citi to Exit UK Retail Banking, Focus on Wealthiest Customers

Citigroup is planning to end its retail banking operations in the U.K., shifting its focus to its wealthiest clients.

According to published reports Wednesday (Sept. 21), the banking giant said it was inviting its wealthier customers to begin using its private banking services as it scales down its retail business. Customers who don’t meet the criteria for this new service will see their accounts closed.

“Citi has begun the process of collectively consulting with employees of its UK retail bank in more detail about the proposal,” Citi said in a statement. “No final decision can be taken until that process concludes.”

The bank reportedly added that “overwhelming majority of clients would not be affected until 2023.” Citi has one branch in the U.K., based at Canary Wharf in London.

See also: After Closing Citibanamex, Citi Will Invest in Firms That Match Its ‘Core Strengths’

In January, Citi announced changes to its business structure as a piece of a broader strategy to move away from global retail banking. The year began with Citi saying it was closing its Mexican retail banking arm, Citibanamex, and selling consumer banks in Indonesia, Malaysia, Thailand and Vietnam to Singapore’s United Overseas Bank.

Read more: JPMorgan Hires in Germany to Expand Retail Banking

Earlier this month, J.P. Morgan revealed plans to hire a team of retail bankers in Germany as it prepares to expand its international consumer business. The bank’s first venture outside the U.S. came last year, when it opened a digital-only retail offering in the U.K.

Executives have said they wanted to expand to more countries. J.P. Morgan will gauge the success of the rollout before it decides where to launch similar operations.