Citi announced today that it has successfully completed the sale of its Bahrain consumer business to Ahli United Bank (AUB).
The transaction includes Citi’s retail banking, credit card and unsecured lending businesses, as well as the transfer of approximately 175 related staff including full time employees and contractors, but excludes Citi's institutional businesses, said a statement.
The transaction, which was first announced on April 4, is expected to result in a regulatory capital benefit to Citi of approximately $40 million, it said.
The sale of Citi’s Bahrain consumer business is among the 14 consumer markets in Asia, Europe, the Middle East and Mexico that Citi previously announced it would exit as part of the firm’s strategy refresh. To date, sales agreements have been signed in nine markets and have closed in five markets including Australia, the Philippines, Thailand and Malaysia, in addition to Bahrain. Citi is also in the process of winding down consumer banking in South Korea and Russia.
“We are pleased with the smooth transfer of our consumer business to AUB and thank our former colleagues for their continued excellence in serving clients throughout the transition process. We wish them continued success in the future,” said Titi Cole, CEO, Legacy Franchises.
Michel Sawaya, Bahrain Citi Country Officer, said: “This represents a positive outcome for Citi, our clients and our colleagues. We remain committed to serving our institutional clients in Bahrain to meet all their banking needs.” - TradeArabia News Service