Citi favours Singapore over Malaysia in country exits.
Publication:
BIScom Subsection:
Friday, 16 April, 2021 - 05:16
This morning, I was sitting in a coffee shop drinking lovely local coffee looking out at Citi 's large Malaysian head office in KualaLumpur . Then I looked at the news.
Citi is to leave Malaysia but maintain its offices in Singapore.
It was reported that the bank has decided to close 13 country offices across Asia and Middle East and North Africa. Hong Kong and Singapore will survive. Apparently Citi has decided that KL will not because it is one of those that is not big enough in its market.
Are geographically compact markets with a clearly identifiable commercial centre where banks are going to concentrate, leaving large geographical areas with smaller centres of commerce and population with declining banking services?
It's happened in the UK, with entire rural towns being cut off from physical banking services. But at least those #UK #banks have not "exited" the market entirely while creaming off high-nett worth banking via offshore services which appears to be Citi's plan.
There is no word as to when the closure will take place.
Coffee at Menara Brinjal (next to, not in Starbucks)? Great taste.
Citi? Bad taste.
---------------- Advertising ----------------
--------------------------------------