Citigroup Inc on April 15 announced a change to its corporate strategy, including the sale of its consumer business in Taiwan and 12 other markets.
“The process has just started and will take some time,” Citibank Taiwan Ltd (花旗台灣) said in a statement. “For the time being, no specific buyer has been identified for the Taiwan consumer business.”
Until a buyer is found, it would “continue to serve our customers with the same care, empathy and dedication that we do today,” the lender said.
Photo courtesy of Citibank Taiwan Ltd
Citibank said that there would be no changes for its credit card and banking customers, including for those enrolled in its reward points program.
All operations, including, banking, credit cards, branches, call centers and offices, would continue to operate normally, Citibank said.
“This strategic action will in no way dilute our long-term commitment to Taiwan. With this strategic repositioning, Citi will be able to further invest our resources in the significantly growing institutional business in Taiwan, which spans across corporate and investment banking, commercial banking, markets, treasury and trade solutions,” the bank said.
“Citi will remain strongly committed to the Taiwanese market and strive to be the best banking partner for local and multinational corporations, financial institutions and public sector entities,” Citibank Taiwan chairman Paulus Mok (莫兆鴻) said.
“As we transition our franchise toward future growth opportunities, we will continue to leverage Citi’s unique global network and innovation capability to offer a broad spectrum of global banking products and services to help our customers achieve sustainable growth and progress,” he said.
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